This paper is a companion to theTrustees Act: Proposals for Reform (2002) and addresses the powers of personal representatives who are not trustees as defined in The Trustee Act. The Commission recommends including some provisions garnered from existing statute in The Administration of Estates Act and omitting other out-dated provisions, in effect replacing the Devolution of Real Property Act.
This report, issued in December, 2002, completes the Commission’s project on the law of trusts. It is the product of an extensive research program that included circulation of consultation papers on aspects of the law of trusts for comment from the bar and public. The report recommends adoption of a modernized Trustees Act reflecting the contemporary needs of settlors,
The Saskatchewan Trustee Act limits the investment options of trustees to a list of approved investments. This fails to promote balanced portfolios, and has motivated drafters of trusts to avoid statutory oversight entirely. The Commission favours a broadened British approach that encourages balanced investments and requires trustees to obtain adequate advice before investing.
Saunders v. Vautier established the rule that beneficiaries of a trust can call upon the trustee to terminate the trust and distribute the trust property as they direct. The Commission’s recommendation is to abolish this rule in Saskatchewan by amending The Variation of Trusts Act. The Commission believes that modification of a trust should occur only with court approval under the Act.
The Commission proposes reforms in the law of guardianship of a child’s person and estate. A draft of a Children’s Act is presented as an alternative to The Infants Act, which is now disjointed and in need of modernization and clarification. The draft incorporates proposals from this report and from the Commission’s 1981 Custody Report.