Coherent Identifier About this item: 20.500.12592/ccgb29

A modern trustee act for British Columbia

2004

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Summary

A trust is the relationship between a trustee and the beneficiary, characterized by an obligation on the part of the trustee, which the beneficiary may enforce, to deal with property in the trustee’s control for the benefit of the beneficiary.1. [...] Among the specific powers given to the court by the legislation were the power to appoint and remove trustees, to vest trust property in others when a trustee was incapacitated or otherwise unable to act, and to authorize the distribution of trust property among known beneficiaries, with or without ordering the trustee to pay a portion of the trust fund into court for the benefit of untraceable be [...] British Columbia’s Trustee Act is among the most unamended of the Canadian trustee statutes, reproducing some of the earliest of the English legislation.11 C. A Shifting Context - Evolution in the Use of the Trust Much of the Trustee Act is concerned with trusts under wills, and with giving trustees powers with respect to land and mortgages of land. [...] The trust legislation of some offshore jurisdictions allows extensive retention of control by the settlor over the trust property and administration of the trust, including the ability to give directions to trustees with respect to the trust property or the exercise of their powers.18. [...] E. The Need for Reform of the Trustee Act The vitality of the trust and its adaptability to present-day requirements stand in sharp contrast to the mid-Victorian legislation that forms much of the Trustee Act.

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