Trustee act of british columbia

A new Trustee Act would provide a set of comprehensive rules governing the duties and powers of trustees, the administration of trusts, and the powers of the court to intervene in a trust. If the will or trust stipulates the amount of the executor or trustee’s compensation , then that will generally speaking be upheld by the courts. The Courts are inclined to follow the stipulated direction of the testator in this regard.

The Public Guardian and Trustee (PGT) operates within the legislative authority and jurisdiction provided for under a number of provincial acts. British Columbia’s Trustee Act is seriously out of date.

The Trustee Act also provides for a maximum fee of. Under these statutory provisions, a trustee is entitled to claim three types of compensation. An executor or trustee is in the legal role of fiduciary and has a duty to act in the best interests of the estate beneficiaries.

If the will creates an express trust, it may specify or limit the trustee’s role. The will might create a non-discretionary trust where the trustee has no say in how the beneficiaries receive income. A trustee owes a “fiduciary” duty to the beneficiary of the trust which means that the trustee must not act in a manner that conflicts with the interests of the beneficiary.

Generally, in managing the assets of the trust, a trustee is held to the standard of a reasonably prudent person administering their own affairs. Securities that fluctuate in value such as corporate stocks and bonds are not acceptable.

The weight of authority to the present, save in the granting of relief under remedial legislation such as section of the Trustee Act, has been against making a distinction between a widow, acting as trustee for her husband’s estate, and a trust company performing the same role. The trustee has a dual role: The trustee is a representative of both the debtor and the creditors. In short, the trustee in bankruptcy acts in a conflict of interest situation. Bennett on Bankruptcy th edition, pages and 69) But it gets even worse. The more money that the insolvency trustee collects for the creditor, say Revenue.

The particular legislation that applies to a trust will depend on the type of trust. Trustee Act , the Personal Information Protection Act and the Law and Equity Act. For example, health and welfare plans are not subject to the Pension Benefits Standards Act. The health and safety of school staff, students, parents and communities is the highest priority. Similarly, under the Indian Act , a devise of land situated on reserve may be declared void (Indian Act , s. 46(1)(d)).

Bringing a Foreign Grant into BC. Real Estate, Family Law, Estate Planning, Business Forms and Power of Attorney Forms. If a person comes within section (a) or (c), or if a person coming within section (b) or (d) is a minor or is mentally disordere notice in writing of an application under this Act together with a copy of the material filed in support of it must be served on the Public Guardian and Trustee not less than days before the date of the. Section of the Trustee Act states that an executor is entitled to distribute the estate after giving proper notice to “creditors and others”. After doing so, the executor will not be obliged to satisfy the claims of such “creditors and others” that were not brought forward during the specified time period.

Trustees can also be liable for improperly obtained benefits. However, liability will not be imposed for the purpose of punishing a trustee.

West Vancouver, BC V7T 1C5. A trustee can be removed upon application to the court, according to Section of the Trustee Act. In order for an application to be successful, an applicant must demonstrate the trustee has failed to do his or her job properly. In each subject area, the Guide contains an overview of the legislation in simple, basic terms, and includes references to the relevant sections of Acts, Regulations and Orders.

I will refer tothis indi vidual as “the third party”. The Estate and Trust Guide for BC is intended as a resource only and not as legal advice. III, Division I of the Bankruptcy and Insolvency Act, R. B- as amended (the “BIA”). The case is an appeal from a decision by a trustee in bankruptcy, who denied the Crown’s entitlement to proceeds from the sale of the Bankrupts’ property following his voluntary assignment.

Act except for the purposes of performing the duties, powers or functions of the Public Guardian and Trustee. This office is known as the Public Trustee. It should be noted that this area of law is presently undergoing significant changes.

If your executor has to administer. Truvera Trust Corporation. We pride ourselves in our personal service and the strong client relationships we develop with our customers.