Alberta Insurance Trust Deed

Establish an insurance trust to direct how and when your life insurance proceeds are distributed with this template Insurance Trust Deed for Alberta residents.

• The trust being formed under the indenture is an irrevocable trust.
• It is the intention of the settlor of the trust that the provisions of the trust indenture, and not the provisions of s. 34 or s. 35 of the Trustee Act (Alberta) govern the manner in which the trustee will administer and dispose of the trust property.
• The trustee may designate that income of the trust will include life insurance benefits, cash surrender value of life insurance policies, life insurance premium refunds, proceeds from life insurance policy loans, capital gains, any other receipts considered income under the Income Tax Act, but will exclude non-taxable dividends.
• The trustee has full discretion as to the division and distribution of the trust property.
• The trust property will not form part of the family property for purposes of the Matrimonial Property Act (Alberta).
• The settlor cannot be added as a beneficiary and cannot be appointed as a trustee.
• The settlor has no authority or power under the indenture and will not receive any benefits of any kind from the trust.
• The settlor cannot direct that any trust property be transferred to any person or persons.
• The settlor conveys the trust property to the trustee on the express understanding that ss. 75(2) and 107(4.1) of the Income Tax Act do not apply to the conveyance.
• No beneficiary who is a "designated person" under s. 74.5(5) of the Income Tax Act may receive or use income or capital of the trust while being a designated person.
• Available in MS Word format.
• Intended to be used only in the Province of Alberta, Canada.