Is the Trustee Act 1925 still in force?

Many sections of the Trustee Act 1925 were repealed by the Trustee Act 2000. However, two significant section that remain in force today are ss. 31 and 32.

Why was the Trustee Act 2000 introduced?

The Act received the Royal Assent on 23 November 2000 and came into force by statutory instrument on 1 February 2001. It is deregulatory, and is intended to facilitate the administration of trusts. It will benefit many trusts and charities, modernising the law relating to the powers and duties of trustees.

What are trustees and what was their responsibility?

A Trustee is a person who acts as a custodian for the assets held within a Trust. He or she is responsible for managing and administering the finances of a Trust per the instructions given. Often, the person who creates the Trust is the Trustee until they can no longer fill the role due to incapacitation or death.

Can a trustee be remunerated?

Trustees can be paid for their time and trouble in performing their duties only if the trust specifically provides for payment. However, not all trustees are remunerated for their role.

Can trustees be remunerated?

The general rule under the present law is that trustees should not be paid for acting as such. In fact, despite the general rule, the present law does permit professional trustees to be remunerated in certain circumstances.

What did the trustee Act 2000 replace?

The 1961 Trustee Investments Act put considerable restrictions on investment powers of trustees lacking express powers. The Act replaces this with a new ‘general power of investment’. l Acquiring land – trustees are given a wide power to buy freehold and leasehold land as an investment or for any other reason.

What is the fiduciary duty of a trustee?

A trustee has a fiduciary duty to act in the best interests of both current and future beneficiaries of the trust and can be held personally liable for any breach of that duty.

What was the Saskatchewan trustee act of 2009?

T-23.01 The Trustee Act, 2009 being Chapter T-23.01 * of The Statutes of Saskatchewan, 2009 (effective January 1, 2010) , as amended by the Statutes of Saskatchewan , 2014, c.A-3.1. *NOTE: Pursuant to subsection 33(1) of The Interpretation Act, 1995, the Consequential Amendment sections, schedules and/or tables within this Act

How old do you have to be to be a trustee in Saskatchewan?

The Public Guardian and Trustee Act provides authority for the PGT to receive, hold and administer money to which a child is entitled until the child attains the age of 18, if a parent has not been given the authority by the court to hold the funds.

Who is the Public Guardian and trustee in Saskatchewan?

Learn about the Public Guardian and Trustee’s role as the Official Administrator for the Province of Saskatchewan. Learn about the Public Guardian and Trustee’s role in protecting the financial and legal interests of minors.

What was the 5 Trustee Act of 2009?

5 TRUSTEE ACT, 2009 c. T-23.01 CHAPTER T-23.01 An Act respecting Trustees and making consequential amendments to other Acts PART I Short title, Interpretation and Application of Act Short title 1 This Act may be cited as The Trustee Act, 2009.