{"id":57528,"date":"2022-04-19T12:36:00","date_gmt":"2022-04-19T12:36:00","guid":{"rendered":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/the-wealthy-barber-explains-the-benefits-of-a-testamentary-trust\/"},"modified":"2024-01-02T12:34:15","modified_gmt":"2024-01-02T17:34:15","slug":"the-wealthy-barber-explains-the-benefits-of-a-testamentary-trust","status":"publish","type":"rbc_my_money_matter","link":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/ideas-and-voices\/the-wealthy-barber\/the-wealthy-barber-explains-the-benefits-of-a-testamentary-trust\/","title":{"rendered":"The Wealthy Barber Explains the Benefits of a Testamentary Trust"},"content":{"rendered":"<div class=\"wp-block-rbc-single-article-header\">\n\t<section class=\"section-grey cover pad-t-hlf\">\n\t\t<div class=\"section-inner w-half w-mob-full centered-margin cover section-grey pad-tb-0\">\n\t\t\t\t\t\t\t<div class=\"inline-block pill-container pill-taxonomies\">\n\t\t\t\t\t<div class=\"mar-b-hlf mob-mar-b snipe pill is-style-blue-pill\">\n\t\t\t\t\t\t<a class=\"primary-taxonomy\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/savings\/\">\n\t\t\t\t\t\t\t<span>Savings<\/span>\n\t\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<h1 class=\"mar-b-hlf mar-t-0 mob-pad-lr-hlf h2 has-black-color\">The Wealthy Barber Explains the Benefits of a Testamentary Trust<\/h1><p class=\"mar-b-0 mob-pad-lr-hlf author-text\">By David Chilton<\/p>\t\t\t\t\t<div class=\"featured-image-wrapper pos-rel\">\n\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"930\" height=\"620\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/Chilton_-_Testamentary_Trust_Thumbnail-default_402x.jpg?quality=80\" class=\" cover-image  wp-post-image\" alt=\"\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/Chilton_-_Testamentary_Trust_Thumbnail-default_402x.jpg 930w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/Chilton_-_Testamentary_Trust_Thumbnail-default_402x.jpg?resize=300,200 300w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/Chilton_-_Testamentary_Trust_Thumbnail-default_402x.jpg?resize=768,512 768w\" sizes=\"auto, (max-width: 930px) 100vw, 930px\" \/>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t<\/section>\n\t<div class=\"article mar-t-dbl\">\n\t\t\t\t<section>\n\t\t\t<div class=\"section-inner socials-section\">\n\t\t\t\t<div class=\"top-socials-bar mob-mar-b-hlf\">    <div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n            <a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=The Wealthy Barber Explains the Benefits of a Testamentary Trust &#038;body=Hi, I thought you might be interested in this article from RBC My Money Matters: https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/ideas-and-voices\/the-wealthy-barber\/the-wealthy-barber-explains-the-benefits-of-a-testamentary-trust\/\">\n        <img decoding=\"async\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-email.svg\"\n          alt=\"envelope icon\">\n        <span>\n          Email        <\/span>\n      <\/a>\n      <div class=\"social-button-wrapper sharing-copy-wrapper\">\n        <button class=\"sharing-custom sharing-copy\" data-url=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/ideas-and-voices\/the-wealthy-barber\/the-wealthy-barber-explains-the-benefits-of-a-testamentary-trust\/\">\n          <img decoding=\"async\"\n            src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-related.svg\"\n            alt=\"copy icon\">\n          <span id=\"sharing-copyUrl-Label\">\n            Copy URL          <\/span>\n        <\/button>\n        <input type=\"text\" class=\"sharing-copy-text\" aria-labelledby=\"sharing-copyUrl-Label\">\n      <\/div>\n    <\/div>\n  <\/div>\n\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section>\n\t\t\t<div class=\"section-inner w-half w-mob-full centered-margin pad-tb-0 mob-mar-t-hlf mob-mar-b\">\n\t\t\t\t<p class=\"cover-pub-line text-xs mar-b-hlf\">Published April 19, 2022 \u2022 4 Min Read<\/p>\t\t\t<\/div>\n\t\t<\/section>\n\t<\/div>\n<\/div>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner w-half w-mob-full\" style=\"border-radius:0x\">\n<h2 class=\"wp-block-heading\">This article is part of a series created in collaboration between <a class=\"link-ext\" href=\"https:\/\/royaltrust.rbcwealthmanagement.com\/en\/\" target=\"_blank\" rel=\"noopener noreferrer\">RBC Wealth Management Royal Trust<\/a> and David Chilton, author of best-selling personal finance guides <em>The Wealthy Barber<\/em> and <em>The Wealthy Barber Returns<\/em>, and former dragon on CBC&#8217;s <em>Dragons&#8217; Den<\/em>. #TrustRoyalTrust<\/h2>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide wide\" \/>\n\n\n\n<p>In this article we&#8217;re going to take a brief look at testamentary trusts.<\/p>\n\n\n\n<p>How exciting is that? Try to contain yourself! \u201cTodd, turn off the hockey game! Yes, I know it&#8217;s 5 to 5 and in overtime, but you <b>must<\/b> read Chilton&#8217;s article on testamentary trusts. It&#8217;s captivating!&#8221;<\/p>\n\n\n\n<p>Ok, I admit that is not a likely response to this piece. Or either of my books, for that matter. (Thought I would say that before you did.)<\/p>\n\n\n\n<p>But, honestly, testamentary trusts really are quite interesting. Not riveting, but quite interesting.<\/p>\n\n\n\n<p>More importantly, I think they can play a very helpful role in many Canadians&#8217; estate plans.<\/p>\n\n\n\n<p>So, what is a testamentary trust?<\/p>\n\n\n\n<p>Quite simply, it&#8217;s a trust that is created on the day a person dies. Or, as my dad stated, it kicks in when you kick the bucket. Not surprisingly, my father has never been asked to write copy for the financial industry.<\/p>\n\n\n\n<p>The trust is established through the transfer of ownership of some of the deceased&#8217;s assets. A designated-in-the-will trustee, could be an individual or a trust company, administers the trust according to the instructions as to how those assets are to be used for the benefit of the beneficiary.<\/p>\n\n\n\n<p>Well, la ti da. Doesn&#8217;t that sound like something only the ultra-rich would get involved with? The Thurston Howell III crowd?<\/p>\n\n\n\n<p>I must admit that I kind of thought that way myself until relatively recently.<\/p>\n\n\n\n<p>What changed my mind?<\/p>\n\n\n\n<p>Talking to a bunch of friends and colleagues about testamentary trusts while I wrote and tested a script for a video on the subject.<\/p>\n\n\n\n<p>Very illuminating conversations.<\/p>\n\n\n\n<p>Sadly, many families have a member who battles addiction issues. For obvious reasons, it is often unwise to leave that person his\/her inheritance directly.<\/p>\n\n\n\n<p>In fact, two of the testers said how thankful they were that their parents had left them money through a trust. They are well aware of their challenges and felt the trust very effectively protected them from themselves.<\/p>\n\n\n\n<p>Several others shared stories about family members quickly squandering inheritances as that protection wasn&#8217;t in place.<\/p>\n\n\n\n<p>And it&#8217;s not just beneficiaries battling addictions who could benefit from a testamentary trust being used. What about someone who has a track record of consistently managing his or her money irresponsibly? A spendthrift or a too-aggressive risk taker?<\/p>\n\n\n\n<p>Or perhaps, a beneficiary is dealing with a disability that makes financial management either impossible or incredibly stressful. A trust makes perfect sense here.<\/p>\n\n\n\n<p>The feedback to the video script also provided a strong reminder about the now-high prevalence of blended families and the often-associated estate-planning complexities. Testamentary trusts are a great aid for those building a plan to tackle those issues.<\/p>\n\n\n\n<p>For example, perhaps you want to make sure your current spouse is taken care of while also preserving a certain level of capital for your children from a first marriage.<\/p>\n\n\n\n<p>You can see why I think testamentary trusts can play a very important, a very helpful role in estate planning.<\/p>\n\n\n\n<p>They are a tool \u2014 a quite flexible tool \u2014 that can help you to help the people you love. Again, to protect them.<\/p>\n\n\n\n<p>They&#8217;re not for everyone but more people should look at them than do.<\/p>\n\n\n\n<p>See that was interesting, wasn&#8217;t it?<\/p>\n\n\n\n<p>But not riveting.<\/p>\n\n\n\n<div class=\"wp-block-columns has-border-color has-grey-border-color has-light-grey-background-color has-background is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\" style=\"border-width:1px\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<h3 class=\"wp-block-heading\" id=\"h-not-sure-how-to-get-started-let-us-guide-you\">Not sure how to get started? Let us guide you.<\/h3>\n\n\n\n<p>Contact one of our skilled RBC Royal Trust professionals to find out more about the right services for you.<\/p>\n\n\n\n<p>By phone:&nbsp;<a href=\"tel:18558336511\">1-855-833-6511<\/a>&nbsp;or&nbsp;<a href=\"https:\/\/contact.rbcwealthmanagement.com\/royaltrust\/en\/?icam=barber\">let us contact you.<\/a><\/p>\n<\/div>\n<\/div>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide wide\" \/>\n\n\n\n<h4 class=\"wp-block-heading\">RBC Royal Trust and RBC Wealth Management are business segments of the Royal Bank of Canada. Please click the \u201cLegal\u201d link at the bottom of this page for further information on the entities that are member companies of RBC Wealth Management. The content in this publication is provided for general information only and is not intended to provide any advice or endorse\/recommend the content contained in the publication. \u00ae\/TM Trademark(s) of Royal Bank of Canada. Used under license. \u00a9 Royal Bank of Canada 2020. All rights reserved.<\/h4>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-rbc-rbc-default-collapsible\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapse834a1009\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapse834a1009\" data-dig-id=\"LP-57738-834a1009\" data-dig-category=\"LP\" data-dig-action=\"accordion closed\" action-closed=\"accordion closed\" action-opened=\"accordion open\" data-dig-label=\"Things our lawyers want you to know\"><span>Things our lawyers want you to know<\/span><span>Things our lawyers want you to know<\/span><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapse834a1009\">\n<div class=\"wp-block-rbc-collapsible-inner-block collapse-inner\">\n<p>This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.<\/p>\n<\/div>\n<\/div><\/div>\n\n\n\t\n\t<div class=\"wp-block-tk-spacer id-7c18ab14-542c-4c93-a364-85c2b98a55f8\" aria-hidden=\"true\"><\/div>\n\t\n\n\n<p class=\"has-text-align-center h5 mar-b\"><strong>Share This Article<\/strong><\/p>\n\n\n\n\t\t<div class=\"socials-block\">\n\t\t\t    <div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n            <a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=The Wealthy Barber Explains the Benefits of a Testamentary Trust &#038;body=Hi, I thought you might be interested in this article from RBC My Money Matters: https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/ideas-and-voices\/the-wealthy-barber\/the-wealthy-barber-explains-the-benefits-of-a-testamentary-trust\/\">\n        <img decoding=\"async\" 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class=\"wp-block-tk-spacer id-58bc03f9-0422-4eea-a665-3cfc7739418e\" aria-hidden=\"true\"><\/div>\n\t\n\n\n\t\t\t<div class=\"wp-block-rbc-single-post-topics related-topics-links\">\n\t\t\t\t<p class=\"h5 mar-r-hlf\">Topics:<\/p>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/protecting-wealth\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">Protecting Wealth<\/a>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/savings\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">Savings<\/a>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n<\/section>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel mob-pad-t-dbl\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<h2 class=\"wp-block-heading mar-b mob-mar-b-dbl mar-t-0\" id=\"h-read-this-next\">Read This Next<\/h2>\n\n\n\t\t\t<div class=\"related-posts-type-2\">\n\t\t\t\t<div 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Canada Interest Rate Explained and How It Shapes Your Mortgage<\/a>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<\/article>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li class= 'grid-one-third grid-tb-full grid-mob-full mar-b'>\n\t\t\t\t\t\t\t\t\t\t<article class=\"col-wpr mar-b-0 mar-r-0 mar-l-0\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"postcard-img-ctr post-card-image col-md-12 col-xs-6 mob-mar-b-0 pad-l-0\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/03\/shutterstock_1823396156_retirementreadiness.jpg?quality=80&amp;w=1024\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"Middle-aged couple walking dog while reflecting on retirement savings and future financial security; image representing retirement readiness planning\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/03\/shutterstock_1823396156_retirementreadiness.jpg 6720w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/03\/shutterstock_1823396156_retirementreadiness.jpg?resize=300,200 300w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/03\/shutterstock_1823396156_retirementreadiness.jpg?resize=768,512 768w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/03\/shutterstock_1823396156_retirementreadiness.jpg?resize=1024,683 1024w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/03\/shutterstock_1823396156_retirementreadiness.jpg?resize=1536,1024 1536w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2026\/03\/shutterstock_1823396156_retirementreadiness.jpg?resize=2048,1365 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"card-details mob-mar-b-0 mob-mar-t-0 pad-r-0 col-md-12 col-xs-6\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"primary-taxonomy primary-link\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/goals-aspirations\/retirement\/planning-for-retirement\/\">\n\t\t\t\t\t\tPlanning for Retirement\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/goals-aspirations\/retirement\/planning-for-retirement\/behind-on-retirement-savings-what-to-do-now\/\" class=\"card-title h4 mar-t-0\">Behind on retirement savings? What to do now.<\/a>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<\/article>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t\t<\/ul>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n<\/section>\n<style class=\"advgb-styles-renderer\">\n\t\t.wp-block-tk-spacer.id-7c18ab14-542c-4c93-a364-85c2b98a55f8 {\n\t\theight: 96px;\n\t}\n\n\t@media ( max-width: 480px ) {\n\t\t.wp-block-tk-spacer.id-7c18ab14-542c-4c93-a364-85c2b98a55f8 {\n\t\t\theight: 30px;\n\t\t}\n\t}\t\n\t\t.wp-block-tk-spacer.id-58bc03f9-0422-4eea-a665-3cfc7739418e {\n\t\theight: 60px;\n\t}\n\n\t@media ( max-width: 480px ) {\n\t\t.wp-block-tk-spacer.id-58bc03f9-0422-4eea-a665-3cfc7739418e {\n\t\t\theight: 30px;\n\t\t}\n\t}\t<\/style>","protected":false},"excerpt":{"rendered":"<p>They are a tool\u2014a quite flexible tool\u2014that can help you to help the people you love.<\/p>\n","protected":false},"author":10,"featured_media":53594,"parent":57987,"menu_order":0,"template":"","meta":{"_acf_changed":false,"advgb_blocks_editor_width":"","advgb_blocks_columns_visual_guide":"","footnotes":""},"tags":[97,48],"rbc_content_type":[147],"rbc_audience":[93],"rbc_lob_group":[71],"rbc_difficulty_level":[70],"rbc_mmm_category":[303,313,427,354],"class_list":["post-57528","rbc_my_money_matter","type-rbc_my_money_matter","status-publish","has-post-thumbnail","hentry","tag-protecting-wealth","tag-savings","rbc_content_type-video","rbc_audience-seniors","rbc_lob_group-investments","rbc_difficulty_level-intermediate","rbc_mmm_category-goals-aspirations","rbc_mmm_category-retirement","rbc_mmm_category-the-wealthy-barber","rbc_mmm_category-will-and-estate-planning"],"acf":{"contently_publication_id":"245428","custom_author":"David Chilton","rbc_video_header":"","rbc_media_duration":"","rbc_toc_for_mmm_tag":"h2","rbc_toc_for_mmm_limit":6,"rbc_toc_for_mmm":null,"rbc_toc_for_mmm_action":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/ideas-and-voices\/the-wealthy-barber\/the-wealthy-barber-explains-the-benefits-of-a-testamentary-trust\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:description\" content=\"They are a tool\u2014a quite flexible tool\u2014that can help you to help the people you love.\" \/>\n<meta property=\"og:url\" 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