Our Services
We provide professional estate planning and are experts in personal trust and estates administration, corporate and institutional trust services, and corporate trusts.
Trust and Estate Administration
​Veracite provides professional, comprehensive trustee and estate administration services, which include:
Sole Trustee/Sole Executor
We act as the sole and independent trustee or executor to administer various types of inter vivos and testamentary trusts and estates.
Co-trustee/Co-executor
We act as a trustee or executor with another individual (you, family or friend) to administer various types of living (inter vivos) and testamentary trusts and estates.
Successor Trustee/Executor
We takeover an existing trust or estate if a trustee or executor is unable to fulfill their duties and obligations.
Agent of the Trustee/Executor
We can act as an agent for the trustee or executor by handling some or all of their duties. Common duties as an agent include:
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Distribution of trust funds to beneficiaries at the triggering event
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Coordination between lawyers, accountants and investment managers
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Providing custody of assets
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Annual trust reviews including cash management
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Facilitation of recurring income payments or payments of capital as required
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Preparation of annual tax filings such as the issuance of T3 slips or payment of taxes payable
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Resolving challenging family issues, fairly and professionally
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Arranging for a funeral, memorial, cremation or burials
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Locating, securing, valuing and inventorying estate assets
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Coordinating with advisors on complex tax matters that can maximize an estate’s value for beneficiaries
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Arranging for the residence to be emptied and cleaned, locks to be changed and, if required, the property to be sold
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Finding, reviewing and filing claims for life insurance and pension benefits
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Locating missing beneficiaries​​
Power of Attorney Services
​Veracite offers customized power of attorney services, which include:
Individual
Appointing a power of attorney is ideal for individuals that:
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Have no suitable family or friends that can act on their behalf
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Are struggling with challenging family dynamics
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Have appointed Veracite as an attorney or committee and wish to have us manage their financial affairs should they become incapable
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Third Party
We can provide third-party and impartial power of attorney and committee services. These could include:
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Acting as an attorney to manage the property of a person who has become incapable
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Supporting individuals who have been named attorney by taking on some or all administrative duties
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Selling property and organizing household goods and personal effects
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Coordinating investment management, accounting and tax services
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Safekeeping and consolidating accounts and personal property
Corporate and Institutional Trust Services
​Veracite provides expert professional trust, corporate trust, and escrow services, which include:
Professional Trust Administration
We can administer trust funds on behalf of regulated professionals, such as lawyers and rental managers, who are subject to burdensome audit and compliance obligations. Professionals who outsource trust handling to Veracite can alleviate the stress and expense of audits and anti-money laundering compliance obligations, allowing them to focus on their professional activities and business pursuits.
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Corporate Trusts
We serve as corporate trustee, providing our clients the comfort that their trust and escrow accounts will be administered expertly for the long-term. Corporate trusts may involve holding proceeds as part of debt financing transactions or as a third party for pension funds or employee benefit plans. In some circumstances, corporations may require Veracite to hold illiquid or non-standard assets that many corporate trustees will not hold. Illiquid assets include commercial and residential real estate, private notes, loans and mortgages, pre-IPO stock, private equity and partnerships.
Our responsive and tailored service sets us apart from other corporate trustees. Your questions and requests are answered quickly without the requirement of presenting the request at a monthly “committee” meeting. We work with your professional advisors to ensure you get the deal done quickly.
Escrow Agent
Transactions are becoming increasingly complex with added risks from increasing cybersecurity frauds. With this complexity, many transactions now require that funds, securities, or other assets to be held in escrow until the agreed upon stipulations of the transaction are completed or met. An effective escrow arrangement requires flexibility and quick turn-around on the part of the escrow agent to accommodate the requirements of each individual transaction.
Veracite can act as your corporate escrow agent until certain conditions are met or a specific event occurs as part of a transaction. Escrow arrangements could be used for capital raising, real estate transactions, mergers and acquisitions, regulatory project finance or legal settlements. We assist clients in holding these escrow funds until specific conditions, such as regulatory approval or due diligence, are satisfied.
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Corporate Services
​Veracite can offer support to your business with tailored corporate services, including:
Foreign Exchange Transactions
Canadian corporations and institutions require foreign currency trades to either pay bills in other currencies or hedge their exposure to the other currencies in which they operate. There is also a significant portion of businesses that undertake cross-border activities (e.g., United States or Europe). These businesses require an intermediary that can undertake spot and forward FX trades transactions. Veracite can provide competitive spot and forward rates for corporate qualified parties.
AML and Corporate Compliance Support
Veracite has extensive experience in providing regulatory support to the financial services and mortgage services sectors, including policy development in the areas of anti-money laundering and mortgage policy. Veracite can support the compliance needs of mortgage service providers in various capacities.
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