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ARTICLE · 23 JANUARY 2024

Trustee Discretion: Where Absolute Does Not Mean Unfettered

O'Sullivan Estate Lawyers LLP
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Trusts, and discretionary trusts in particular, are a staple of estate planning for their flexibility and adaptability. They can address a multitude of situations such as: managing assets...

CanadaFamily and Matrimonial
O'Sullivan Estate Lawyers LLP
O'Sullivan Estate Lawyers LLP
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Trusts, and discretionary trusts in particular, are a staple of estate planning for their flexibility and adaptability. They can address a multitude of situations such as: managing assets for spouses, minors, persons with disabilities or vulnerabilities; asset protection and preservation; business wealth and succession; and incentivizing activities such as education. Trusts are not just for personal planning as they can form the basis for active charities and foundations or be used for business purposes such as mutual funds or an alternate to a corporation.

Whatever the flavour of trust, a key to their effective functioning is the trustee powers, which can be subject to varying degrees of discretion. Trustee powers can cover issues such as the following, which may not all be included in a particular trust deed:

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