Think of the trustees under the Full Monty differently from the Executors. Trustees is another name for both and it confuses everyone.
Just use the term “Legal Puppet” for the Full Monty Trustees and “Executors” for the person or people that administer the will(s).
The Legal Puppets are mere place holders and are added on title to a property such as a home, or money in the bank, or named as a beneficiary of an asset such as a RRIF. However, while on the surface the Legal Puppets will get “ownership” of those assets on the death of the Parent, they are under the surface getting nothing. The Trust Agreement & the Will says what they are to do with the home or property. You of course only choose Legal Puppets you trust absolutely.
The Legal Puppets are not sacrificing their first time homeowner status, or incurring any other obligations with the exception at this moment of two information returns being required.
The Executors, confusingly also called trustees, are responsible for carrying out the parent’s wishes set out in the will.
From our office’s perspective, two Legal Puppets is ideal. It provides insurance should one of the Legal Puppets die before the Parent but is not so unwieldy as to have a large group be necessary to sign every document and deal with every detail.
Only the Legal Puppets have to sign the trust agreement and any related real estate documents. The beneficiaries, i.e. the people inheriting under the will, sign nothing.
