What is a trust?
A trust is a legal structure that provides stewardship of assets for the
benefit of a person, people, or entities. A trust document defines the
terms of the trust and should be drafted by a qualified estate planning
attorney or service.
The trust document describes:
• How you want your assets managed and eventually distributed
• Who you want to benefit from your assets now and in the future
• Who you want to be responsible for carrying out these instructions
What is the difference between a will and a trust?
A will takes effect after death and must go through probate, while a trust can manage and distribute assets during your lifetime and after. Trusts help avoid probate, provide privacy, and allow more control over how assets are used.
Do I need a trust if I already have a will?
Yes, in many cases a trust adds an extra layer of protection. A will directs who inherits your property, but a trust can manage assets more efficiently, avoid probate, and provide ongoing care — especially important for special needs planning.
How does a Special Needs Trust work?
A Special Needs Trust (SNT) allows families to provide financial support for a loved one with disabilities while protecting eligibility for government benefits such as SSI and Medicaid. The trust ensures funds are used for quality-of-life expenses without jeopardizing critical benefits.
How can a trust help?
- Provide an orderly means of administering your personal and financial affairs should you become incapacitated,
or upon death. - Ensure your assets are managed for the benefit of your heirs, according to your wishes.
- Manage your estate tax exposure and avoid probate costs.
- Provide for a relative or disabled child after your death.
- Protect assets from a creditor’s claims.
- Assemble a tax advantaged charitable gift.
Can Canonico Wealth Management still manage my investments inside the trust?
Yes. Through our partnership with Private Trust Company, clients gain access to professional trust services while keeping Canonico Wealth Management as their investment manager. This open-architecture approach allows for customized investment strategies tailored to the trust’s goals.
For families establishing a Special Needs Trust, having a fiduciary is especially important. Gwendolyn Canonico, CERTIFIED FINANCIAL PLANNER™, acts in that fiduciary role to ensure investments are managed with both expertise and care.
Who should serve as trustee of my trust?
While many families appoint a relative, serving as trustee requires financial knowledge, legal compliance, and ongoing administration. Partnering with a corporate trustee or fiduciary advisor ensures your wishes are carried out properly and relieves family members of the burden.
Why use a Professional Trustee?
Choosing a professional trustee ensures that your trust is managed with expertise, objectivity, and consistency. The benefits include:
- Objective loyalty and independence in carrying out your wishes
- Knowledgeable management, protection, and defense of trust assets
- Experienced oversight of investments, working alongside your financial professional.
- Timely and accurate account statements for you and all beneficiaries
- Regular annual reviews to ensure the trust remains aligned with your goals
- Accountable collection and prudent distribution of income and assets
- Tax reporting, filing, and full regulatory compliance on behalf of the trust
