The Legislative Assembly of Alberta has tabled a Bill proposing to update its current legislation to make the creation and management of trusts more efficient.
With the Trustee Act proposed under Bill 12, the Legislative Assembly of Alberta aims to update its legislation in order increase protection for beneficiaries through a series of provisions including clarifications on trustees’ duties and obligations.
Among the new measures:
• provisions regarding duty of care and ensuring that trustees exercise adequate due-diligence;
• reporting obligations of trustees to beneficiaries in order to ensure transparency on trusts’ administration.
• provisions for the removal of an unfit trustee and mechanisms to ease trustee’s resignation.
The aim of the proposals is also to reduce the need for trustees and beneficiaries to apply for court’s decisions for every day issues arising in ordinary trust administration.