A trust is a relationship that is established when an owner of property called the settlor makes a disposition of property to a trustee. The designated trustee holds title to the assets for the benefit of a designated person or persons called the beneficiaries on terms describing how the trustee is to administer the property to confer the benefits. Trust principles pervade a wide range of common dealings. While much of trust law is non-statutory, some aspects of it are governed by the Trustee Act. British Columbia's Trustee Act is seriously out of date. This project explains the purpose and importance of the Trustee Act, why reform of the Trustee Act is needed, and includes detailed reform recommendations in the form of a proposed new Act with commentaries.
Keywords: trusts and trustees, modern Trustee Act, charities, charitable organizations, wills, estates & life planning, volunteers, pensions, benefits & welfare, liability, tort, agents, total return investing, variation and settlement, modern portfolio theory, Modernization of the Trustee Act Committee, taxes & finance
