PERSONAL TRUST & ESTATES
Trusted from one generational to the next.
PERSONAL TRUST
Veracite provides professional, comprehensive professional trustee services. As the trustee, we work closely with legal and financial advisors who have established the estate plans and investment objectives for their long-standing clients. In addition to providing the unique expertise required for trust administration, we appreciate the importance of expressing compassion, understanding, and consideration toward your family members. We provide the peace of mind that comes from knowing you will have a caring and trust administrator on your side. Trustee services include:
1. Providing impartial decision-making of a trust that will impact beneficiaries
2. Coordinating with lawyers, investment managers, accountants and tax preparers
3. Administering the safekeeping of trust assets
4. Maintaining the continuity of trust management across generations within your family
PERSONAL TRUST ADMINISTRATION
Sole trustee
We act as the sole and independent trustee to administer various types of inter vivos and testamentary trusts.
Co-trustee
We act as a trustee with another individual (you, family or friend) to administer various types of living (inter vivos) and testamentary trust.
Successor trustee
We takeover an existing trust if a trustee is unable to fulfill their duties and obligations.
Agent of the trustee
We can act as an agent for the trustee by handling some or all of their duties. As trustee, you may be too busy because of personal or professional commitments, and may require professional assistance. We can provide support you need while you retain decision-making authority as the trustee. Common duties as an agent of the trustee may include:
Distribution of trust funds to beneficiaries at the triggering event
Coordination between lawyers, accountants and investment managers
Provide custody of assets
Annual trust reviews including cash management
Facilitation of recurring income payments or payments of capital as required
Preparation of annual tax filings such as the issuance of T3 slips or payment of taxes payable
PERSONAL ESTATES
A thoughtful estate plan is one of the greatest gifts you can leave to your family and loved ones. Without a plan during life can leave families—while grappling with grief—navigating the probate system, taxes, and other complex issues. We recognize that each life and family is unique, and so is each estate. An estate must be administered carefully, often considering a broad range of assets, specific wishes, and unique family dynamics.
With Veracite serving as an unbiased, third-party executor, co-executor, and executor’s agent – we provide the care and attention as we work to understand the estate plan. Working with your legal, financial, and tax advisors, we will ensure that assets are collected and properly administered; any obligations are satisfied; and property is distributed to or for the benefit of your heirs.
ESTATE ADMINISTRATION
Sole executor
By appointing us in your Will, Veracite can act independently to carry out your wishes. This is ideal if you are:
Considering who to appoint as the executor for an estate
Requiring a professional that will handle everything instead of passing it along to family or friends.
Struggling with challenging family dynamics
Co-executor
We can also act as a co-executor along with another individual to carry out your wishes. This is ideal if you are:
Involving a family member, but would like to provide them with administrative support or professional resources on highly technical aspects of estate settlement
Considering a joint decision-making process between a family member and a professional.
Struggling with challenging family dynamics
Executor’s agent
We can act as an agent for the executor by handling some or all of their duties. Executors may feel overwhelmed because of time commitment or require the professional support in handling your duties. Regardless of the reason, we can provide support while you retain decision-making authority as the executor. Common duties as an agent of the executor may include:
Resolving challenging family issues, fairly and professionally
Arranging for a funeral, memorial, cremation or burials
Locating, securing, valuing and inventorying estate assets
Coordinating with advisors on complex tax matters that can maximize an estate’s value for beneficiaries
Arranging for the residence to be emptied and cleaned, locks to be changed and, if required, the property to be sold
Finding, reviewing and filing claims for life insurance and pension benefits
Locating missing beneficiaries
POWER OF ATTORNEY
If you are unable to physically or mentally manage your money and personal property, it may be prudent to appoint someone under a power of attorney. Having a power of attorney in place could be one of the most important tools to protect your wealth.
Appointing a power of attorney is ideal for individuals that:
Have no suitable family or friends that can act on their behalf
Are struggling with a challenging family dynamics
Have appointed Veracite as an attorney or committee and wish to have us manage their financial affairs should they become incapable
Veracite can provide third-party and impartial power of attorney and committee services. These could include:
Acting as an attorney to manage the property of a person who has become incapable
Supporting individuals who have been named attorney by taking on some or all administrative duties
Selling property and organizing household goods and personal effects
Coordinating investment management, accounting and tax services
Safekeeping and consolidating accounts and personal property