Trustee Act, SA 2022 cT-8.1
Amended
- Adult Guardianship and Trusteeship Act, SA 2008 cA-4.2
- Powers of Attorney Act, RSA 2000 cP-20
- Public Trustee Act, SA 2004 cP-44.1
Repealed
Trustee Act, RSA 2000 cT-8
Summary
The Trustee Act which repealed and replaced the Trustee Act of 2000 and amongst other things, recognizes charitable and non-charitable purpose trusts and provides a procedure for varying the terms of a trust.
Pursuant to the new Act, where a trust does not appoint an alternate trustee and the trustee is temporarily unable to participate in the administration of the trust by reason of an absence or incapacity which does not necessarily disqualify the trustee under the Act, they may appoint a temporary trustee to take over their duties. A designated person may appoint a temporary trustee if the trustee is unable or unwilling to do so.
Within 15 days of the appointment or revocation of a temporary trustee, a written notice must be delivered to all trustees, all qualified beneficiaries and the person making the appointment.
A temporary trustee may be liable for any loss to trust property arising from the temporary trustee’s acts or omissions when exercising trustee powers or performing trustee duties.
If a trust instrument reserves the power to any person or designate to vary or terminate a trust, a court application is not required to vary the terms of the trust.
The Act imposes a duty of care on trustees, a duty to report accounts or trust information on request by a beneficiary, within a reasonable period of time. The Act also imposes a standard of care when investing, and a duty to act impartially and prudently between all beneficiaries and in the administration of a trust.
The Act outlines a process for the removal of an unfit trustee and to allow a trustee to resign.
The Act authorizes trustees to buy and sell trust property, including to sell and lease real property. A trustee may also borrow trust property or grant a security interest in trust property. A trustee may utilize trust income or capital to provide residence to a beneficiary.
The Act abolishes
- The rule of law for the assessment of damages for breach of trust that prohibits losses from being offset by gains;
- The rule of law that requires the assessment of a trustee’s decisions on an investment-by-investment basis; and
- The common law rules of apportionment.
In Force: On Proclamation