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Working with a Trust company.

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In this podcast Mike Love, Director of Business Development for Legacy Private Trust from Toronto, Ontario shares interesting reasons why many families work with Trust companies on POA issues.

Included in our conversation on the following topics:

  • What are trust companies? How are they involved in Powers of Attorney?
  • Why are people using trust companies more these days in Power of Attorney situations?
  • How can trust companies be a benefit to Canadian families in Power of Attorney situations?
  • How do trust companies work in conjunction with families and other stakeholders?
  • How do you get a trust company involved in Power of Attorney situations?
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About Mike Love

Mike completed his Bachelor of Arts in Political Science and History at Dalhousie University in Halifax. He has extensive experience working with various advisors through his work as a Trust Officer at LPT and has hands on experience administering and managing Trusts, Estates, Agencies, Guardianships and Foundations and is now a member of our Sales and Marketing Department. He is well-informed in the areas of economics, finance and capital markets from his years working for the Federal Minister of Finance and through his ongoing education at LPT.  Mike continues to be involved in grass-roots politics, as well as fundraising and donating time to many charitable organizations, including several that support families with disabled children. Mike is also on the Board of the Toronto Estate Planning Council.

Legacy Private Trust

At Legacy Private Trust we specialize in Trusts, Estates, Agencies, Guardianships, Foundations and Tax & Accounting Services. Our goal is to turn your dreams and aspirations into a lasting legacy. Since we are a trust company, you can appoint us in a variety of capacities such as Trustee, Estate Trustee, Agent, Guardian or Custodian. Legacy Private Trust is fundamentally different from any trust company or law firm in Canada. Here’s why:

  • You can keep your existing team of trusted advisors that you have built over the years
  • There is continuity in the administration of your account
  • We are focused solely on providing fiduciary services
  • We are flexible and do not require you to fit into rigid account agreements or fee formulas
  • We provide a truly personal touch for our clients
  • Confidentiality is a top priority
  • There are no minimum requirements to do business with us

The Legacy Private Trust experience is fundamentally different than what you would get at any other trust company or law firm with trust operations. Our model was specifically designed to combat against the changes in the trust industry that resulted from the consolidation of trust companies in the 1980s and 1990s.

As more and more trust companies were acquired and merged, service levels began to drop rapidly. It was not uncommon to be on hold with a “1-800” number for ages before speaking to your account manager. Consistency and continuity were the next to go as employee turnover at the big institutions assured that no one was familiar with clients or understood their situations. Following that, fiduciary services started to be linked to other financial services such as wealth management and began to move away from core fiduciary services.

As lawyers who had to use trust companies regularly, it was the last straw for the founders of Legacy Private Trust when their own clients started to be rejected by the large trust companies because they didn’t fit into the new stringent formulas. It quickly became obvious to the founders that no one could provide them or their clients with even the most basic level of customer service that they deserved.

The founders of Legacy Private Trust came to the conclusion that the only solution was to start their own trust company. Thus a new company was born out of an unwavering belief in expertise, service, flexibility and continuity. Our model represents a renaissance in the trust industry in Canada. Legacy Private Trust brings things back to basics.

1 Toronto Street
Box 1, Suite 800
Toronto, ON M5C 2V6

416-868-0001 Visit Website

Conversations That Matter Podcast LogoPartner and advertising inquiries are welcomed.

Please contact Mary Bart, Chair of Caregiving Matters at mary@caregivingmatters.ca or 905-939-2931

This podcast is intended to provide general information only and is not intended to be a substitute for seeking personalized legal, financial or other advice.

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