Some argue that not all people requiring fiduciary services can afford or qualify for those services from trust companies, and so other corporations should be permitted to provide fiduciary services. The Commission finds that current legislation ensures that the fullest protection comes from trust companies and that there is no need to allow other corporate fiduciaries to provide these services.
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 Statute of Frauds requires that many sorts of contracts be evidenced in writing and signed by those bound. The Commission suggests that these requirements are necessary only in the case of contracts for sale of land. It recommends that The Statute of Frauds be repealed and that provisions regarding the sale of land be included in The Land Contracts (Actions) Act.
The Dependants’ Relief Act should be reformed to limit liability of estates to provide for handicapped adult children. It should be permissible to use funds for purposes other than day-to-day maintenance without jeopardizing eligibility for social assistance. The changes proposed would not impose any new or additional burdens on taxpayers.