A Trust has been defined a legal relationship in which the legal title to property is enTrusted to a person or legal entity with a fiduciary duty to hold and use it for another’s benefit. A Trust may occur inside or outside a Will. The person identified to administer the Trust is referred to as a Trustee. The person for whom the interest or property is held in Trust is referred to as the beneficiary. There are various kinds of Trusts, including inter vivos or testamentary Trusts. We are experienced in preparing specialized Trusts, as required, such as Family Trusts, Henson Trusts, Joint Partner Trusts, Alter Ego Trusts and Insurance Trusts.
It sometimes happens that a disagreement arises as to the terms of a Trust. A Trustee has no authority to act other than in accordance with the provisions of the Trust, although a Trust may provide for authority to do so. Further, there is Ontario legislation which may apply to the manner in which a Trust is administered. There are many ways in which a Trust may be varied, and it is best to seek professional advice before acting to do so. The most direct way is when all of the beneficiaries, all having legal capacity, consent.
Where the Trust does not provide for variation and where consent is not available, a Court application may be required to vary the terms of a Trust. In Ontario this application is under the Variation of Trusts Act, a short Act which provides the grounds for and authority to a Court to grant an order. If an out of court solution leading to the desired variation of a Trust is available, we have the experience to find it. If litigation is required, we have the team to provide efficient and cost conscious representation.
