Many people hear the word trust and immediately think of ultra-high-net-worth families. During this week’s Business by Referral meeting, Vladimir Nikitin of Perley-Robertson, Hill & McDougall LLP, challenged that misconception by explaining how trusts can be an incredibly practical estate planning tool for everyday families.
One of the biggest takeaways was that a trust separates control from benefit. Rather than simply leaving assets directly to a beneficiary, a trust allows someone you appoint—the trustee—to manage those assets according to your wishes.
For many families, this can provide peace of mind. Instead of a young adult receiving a large inheritance all at once, a trust can outline when and how funds are distributed, whether that’s for education, purchasing a first home, or reaching certain life milestones.
Vladimir also emphasized that choosing the right trustee is just as important as creating the trust itself. Trustees have a legal obligation to act in the beneficiaries’ best interests, making thoughtful decisions, keeping accurate records, and following the instructions set out in the trust.
Another point I found interesting was just how flexible trusts can be. Some provide very specific instructions, while others allow trustees the discretion to make decisions based on the beneficiary’s circumstances years down the road. That flexibility can be especially valuable when planning for young children, beneficiaries with disabilities, or multi-generational family wealth.
Beyond trusts themselves, Vladimir reminded us that estate planning is about much more than preparing documents. It’s about protecting your family, preserving your legacy, minimizing unnecessary taxes and legal costs, and helping avoid future disputes.
Whether your estate is simple or complex, thoughtful planning today can make an enormous difference for the people you leave behind.
Thank you, Vladimir, for an informative presentation and for helping demystify a topic that many people assume is only relevant later in life—or only for the wealthy.