Family Trust (Education Purposes for Grandchildren) (ON)

Summary

This precedent is a family trust that outlines trustees' duties regarding the holding and payment of a family trust fund set up for the benefit of the grandchildren of the named settlors in the trust deed. It directs the trustees to use their discretion in making payments for the education of the grandchildren. It contains practical guidance, drafting notes and alternative clauses. In a discretionary trust, trustees are permitted to pay trust income and capital to one or more of a class of beneficiaries as they deem appropriate. In this trust, the trustee may use that discretion to make payments for the purpose of supporting the costs to the Beneficiaries of private secondary school and post-secondary school education, including but not limited to tuition, living costs and transportation costs away from home, books, supplies and equipment. This precedent provides income splitting opportunities as described in the drafting notes. It also defines the accumulation period. Testamentary ...