Statutory Remuneration of Trustees and Trustees’ Accounts
This report contains recommendations for changes to the Trustee Act dealing with remuneration of trustees and related matters. In all provinces and territories, trustees and personal representatives (executors and administrators) have a statutory right to receive remuneration for their services from the trust or estate. Statutory remuneration in British Columbia takes the form of an allowance under the Trustee Act from the trust capital (the original trust property) and income, with a ceiling fixed by statute. Within that ceiling, the court is directed to allow an amount it considers fair and reasonable. The Trustee Act also provides for a ‘care and management fee.’ Much of the law and procedure surrounding statutory remuneration of trustees in British Columbia is needlessly complex and outdated.
Keywords: trusts and trustees, Trustee Act, fees, remuneration of trustees, trustees’ accounts, wills, estates & life planning, accounting, passing of accounts, calculating remuneration, Trustee Act Modernization
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