To provide full service financial planning Capital City Savings is pleased to offer trust services.* Based on an analysis of your needs, our trust services professionals are knowledgeable to customize the services you require.

Services available include:

• Estate Planning
• Estate Administration
• Trusts
• Professional Trustee
• Managed Account

What is Estate Planning?

Estate planning is the process during which you review your current situation and identify the alternatives available to establish and accomplish your personal and financial goals. Estate planning assists you in making informed decisions about the ownership and distribution of assets during your lifetime and upon your death. It is often the first step in the preparation of a properly drafted Will.

Why should I plan my Estate?

You spend a lifetime acquiring and safeguarding assets. You care for your family and others who depend upon you. Unless you properly plan your estate, the objectives you established during your lifetime will not be met after you are gone. With a well-planned estate and a properly drafted Will, your assets will be distributed in accordance with your wishes. Your beneficiaries' needs will be met. Your estate will not be subject to unnecessary administration costs, legal fees or taxes.

Factors to consider

Estate planning is a personal process and reflects your unique situation. When working through the estate planning process you will be asked to consider a number of issues:

• What assets do you own and how are they registered?
• What debts do you owe and will there be sufficient assets to meet those obligations in the event of your death?
• Who has the time, knowledge and experience to act as your estate representative?
• What are the needs of your beneficiaries?
• How do you want your assets to be distributed?
• Do you wish to leave special gifts such as family heirlooms, to specific beneficiaries?
• Are you aware of the tax considerations associated with your assets and the distribution you are planning?
• Who will be willing to accept the responsibility to act as guardian for those who are dependent upon you?

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What is Estate Administration?

Estate administration is a formal process during which the estate representative identifies assets, settles debts, pays taxes and lastly, distributes the balance of the estate in accordance with the terms of the Will or the laws of intestacy. Estate administration brings a person's financial affairs to a close.

Why should I be concerned about Estate Administration?

If you are named as the estate representative, it is very important that you fully understand the roles and responsibilities before you begin to act. As an estate representative, you assume a significant degree of personal liability that cannot be delegated. It is equally important that you understand the estate administration process and the role of the estate representative when you are preparing your Will. When you name an estate representative, you are granting that individual full legal authority to deal with all aspects of the administration of your estate.

Factors to consider

Estate administration can be very complicated and requires expertise. The estate representative must have the time and knowledge to:

• interpret the provisions of the Will
• identify and pay all debts and taxes
• identify, locate and safeguard all assets
• comply with applicable provincial and federal legislation
• notify the beneficiaries of their entitlement and keep them fully informed throughout the administration
• administer any testamentary trusts arising out of  the Will
• be fair and impartial when dealing with the beneficiaries
• address and resolve any conflicts
• make necessary income tax elections and file all  tax returns
• maintain complete and accurate records
• distribute the assets

The estate representative has the ability to hire agents to assist in administration, however, the estate representative is fully responsible for the actions  that those agents undertake. It is therefore critical that the estate representative only hire responsible knowledgeable professionals to provide that assistance.

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What is a Trust?

A trust is a formal legal agreement that can be a useful and powerful estate planning tool. Ownership of the trust property must be legally transferred to a trustee. The trustee is required to manage the trust property according to the terms established in the agreement and must use that property solely for the benefit of the named beneficiaries.

Why do I need a Trust?

Whether you need to care for someone who has special needs, or you wish to fund a favourite charity a trust will allow you to accomplish your objectives. It can be used to split income among family members, reduce probate and estate costs, and protect assets from creditors. A trust can safeguard your assets for future generations. It can assist in ensuring your wishes are carried out and your beneficiaries' needs are met.

Factors to consider

Before creating a trust you need to carefully consider what you wish to accomplish and understand the income tax and other legal considerations associated with a trust. You will need to make a number of important decisions, including:

• Who will act as the trustee?
• What property will you transfer into the trust?
• Who will be the beneficiaries, and how will their needs be met?
• Will the trust come into effect while you are still alive or after your death?
• Will the trust be revocable or irrevocable?
• How long will the trust operate?

What is a Professional Trustee?

Realizing your personal and financial objectives and ensuring the well-being of your family requires careful and thorough preparation. You can manage and oversee many of these tasks yourself, but certain key roles such as executor and trustee must be delegated to others. The trustee that you appoint is responsible for holding and managing your assets. The executor you name in your Will is accountable for safeguarding your assets and carrying out the administration and final distribution of your estate. These appointments require careful consideration.

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Why should I consider a Professional Trustee?

Some people ask a family member or close friend to assume these responsibilities. Most individuals do not fully understand the complicated duties and personal liability involved in the administration of estates and trusts. Unfortunately, inexperience, lack of judgement or neglect can lead to delays, conflicts, unnecessary fees and even financial losses. Stability, trustworthiness and expertise are all hallmarks of a professional trustee.

Factors to consider

Through Capital City Savings you have access to a team of specialists with the time, knowledge and expertise to provide the needed advice and services. A professional trustee is recommended to those who:

• do not wish to unduly burden family members
• are concerned that there may be conflict among beneficiaries
• want a fair-minded and experienced professional to handle the complete administration
• have accepted the appointment as an executor or trustee and require professional guidance and assistance

A professional trustee is the answer for those who want  to ensure proper control and security of their affairs when they can no longer be in charge.

What is a Managed Account?

A managed account allows you to appoint a professional agent to direct some or all of your financial affairs. You retain legal ownership and control of your assets and can have as much, or as little, involvement as you choose.

Why would I want a Managed Account?

Handling financial affairs can be time consuming and frustrating. There are many reasons why you may be unwilling or unable to attend to your financial affairs. A managed account allows you to access professional management services rather than having to rely on family members or friends when you need assistance.

Capital City Savings ensures that assets are being managed in accordance with your instructions and that the financial transactions are completed on time. Accurate records are maintained and regular statements are provided. You are kept informed about the operation of your account and should your needs change, your plan can be modified to meet those needs.

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Factors to consider

A managed account is structured to meet your personal situation and accomplish your goals. It can contain some or all of your assets. You should consider a managed account if you:

• are out of the country for extended periods
• want the flexibility and freedom to pursue other interests
• want complete and accurate financial records
• are concerned you lack the expertise needed to  handle your financial affairs
• simply do not want the responsibility

A Power of Attorney appointing Concentra Financial will facilitate the administration of the account and grant the authority to continue handling your affairs in the  event of illness.

How can we help?

Your Capital City Savings trust services representative will be pleased to meet with you to discuss your personal situation and discuss which trust services will benefit you and meet your goals and objectives.

Capital City Savings will work with you to provide the advice and services you require. Contact us today for your free consultation at (780) 496-2000 or toll free at 1-877-496-2151 or via email .

To get started, please feel free to download the following Estate Planning Kit, print it off and fill it out as best you can.

Estate Planning Kit

*Capital City Savings trust services provided through Concentra Financial.