Rules about trusts
When you have a trust, someone called a “trustee” manages your inheritance for you.
A trustee can also be an organization like a bank or a community organization.
ODSP does not count an inheritance of $100,000 or less as an asset if the money is in a trust. The trust must be set up:
- following ODSP rules, and
- within 6 months of when you get the inheritance.
ODSP does not count an inheritance of more than $100,000 as an asset if the money is put in a “discretionary trust” or “Henson trust”. This means that the trustee gets to decide when to pay you and how much.
The person who gives you the inheritance must set up this kind of trust in their will.
ODSP counts a payment from a trust as a gift. So the rules about gifts apply to payments from trusts.
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