The Alberta Legislature building in Edmonton. (Lethbridge News Now)

By Justin Goulet

New legislation aims to make creation and management of trusts more efficient in Alberta

Mar 29, 2022 | 3:41 PM

EDMONTON, AB – The province has tabled legislation that would make it easier to create and manage trusts and reduce the need to go to court.

A trust is a document by which assets are held and administered for the benefit of others.

If Bill 12, the new Trustee Act, is passed, it would replace existing legislation and improve the management of trusts by setting clear provisions to support improved day-to-day function of all trusts for Albertans, like charities, businesses and people with trusts in their wills.

New provisions, such as clarifying trustees’ duties and their accountability, would also improve the administration of trusts and increase protection for beneficiaries.

Alberta’s Minister of Justice and Solicitor General, Tyler Shandro said, “outdated trust laws are burdensome for Albertans, trustees and the legal community.”

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“By modernizing these laws, trustees will have greater accountability and it will be simpler to create trusts for Albertans. These changes will also ensure that trust laws are current and reflect the needs of Albertans.”

Additional provisions would help save costs for Albertans, as well. In some situations, the province says trustees and beneficiaries would not need to make applications in court. In addition to saving costs, this could help free up the court’s time and resources.

President of the Canadian Bar Association, Alberta Branch Bianca Kratt said, “we know the recommended changes to the Trustee Act will be welcomed and supported by both Albertans needing a trustee for their estate and those called to serve as trustee.”

“Thank you to the Alberta Law Reform Institute for their work on updating these laws, and we appreciate that the government has moved these changes forward.”

Current legislation mostly deals with trusts under wills. Trusts have evolved over the years, requiring significant legislative reforms to bring them into the 21^st century.

More information on trusts are available at the Government of Alberta’s website.