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ARTICLE · 28 FEBRUARY 2023

Long Overdue: A Welcome Update To The Trustee Act

McLennan Ross LLP
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A trust is created when a person transfers property to another person to hold for the benefit of a beneficiary.

CanadaFamily and Matrimonial
Michelle Fong
Michelle Fong
Crista C. Osualdini
Crista C. Osualdini
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A trust is created when a person (settlor) transfers property to another person (trustee) to hold for the benefit of a beneficiary. This seems simple enough. However, the legal and taxation rules can be quite complex. Trusts can arise from a Will (testamentary trusts), during the settlor's lifetime (inter vivos trusts), or by operation of law. Trusts are used for a variety of purposes such as privacy, estate planning, tax planning, or transactions.

New Trustee Act: Effective February 1, 2023

The new Trustee Act has been a highly anticipated update to trust law. The new Act provides greater accountability to the beneficiaries while also reducing the administrative burdens on trustees in managing the trust. It also reduces the Court's involvement in the management of trusts.

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