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Friday, February 12, 2016
Saskatchewan Justice

The Trustee Act, 2009 sets out the rules a trustee, executor or administrator must follow in administering a trust.

A trust means that one person (the trustee) is under a duty to deal with property he or she has control of for the benefit of some other person or class of persons (beneficiary or beneficiaries).

The Trustee Act, 2009:

  • is modernized to reflect current trustee practices and principles;
  • establishes an explicit duty of care for trustees, and distinguishes between the standard of care for non-professional and professional trustees;
  • provides that trustees must not be in a conflict of interest;
  • makes non-judicial appointment and removal of a trustee a practical alternative to a court application;
  • authorizes trustees to invest in any form of property in which a reasonable, prudent person might invest;
  • provides that trustees have the necessary administrative powers to manage trust property on behalf of beneficiaries, including the ability to:
    • improve, maintain and repair trust property;
    • purchase a dwelling for beneficiaries; and
    • insure trust property;
  • abolishes the rules against perpetuities; and
  • amends a number of other statutes that adopt the principles of the former Act to refer to the new Act.

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