Document background
The Revocable Trust Agreement is a fundamental estate planning tool in Canadian legal practice, designed to provide flexibility and control in asset management while potentially offering tax advantages and probate avoidance. This document is typically used when individuals wish to maintain control over their assets during their lifetime while establishing a framework for future asset distribution. The agreement must comply with both federal Canadian legislation and provincial trust laws, making it essential to consider jurisdiction-specific requirements. It includes comprehensive provisions for trust administration, trustee powers, beneficiary rights, and distribution mechanisms, while allowing the settlor to modify or revoke the trust as circumstances change. This type of agreement is particularly valuable for high-net-worth individuals seeking privacy in estate planning and those wanting to ensure smooth asset transition to beneficiaries.
