Managing a TRUST:
Many have accepted the role of being a Trustee of a trust for a person with a disability without knowing what is actually involved in the trusteeship. Being a Trustee does not merely involve signing a few documents. There is far more to it than that. A Trustee is a person that holds property on behalf of the Beneficiary of the Trust. Trustees are required to act in the best interests of the Beneficiary of the Trust. Trustees of a Henson trust pay out funds from the trust in such proportions and manner as the trustee in his or her absolute discretion consider advisable from time to time Therefore they have a fiduciary duty to the Beneficiary of the Trust (i.e. Trustees are accountable to the Beneficiary).
There are serious consequences for a Trustee who breaches his or her duties, which is why a Trustee needs to be familiar with his or her obligations. In general, Trustees are bound to act loyally, honestly, responsibly, reasonably and in good faith. The responsibilities of Trustees can be categorized as follows:
Under duty of Efficient Management Trustees are bound to act in a manner that will ensure that the assets (and liabilities) of the Trust are administered and managed efficiently. This includes the Trustee’s responsibility to invest trust funds in a prudent manner, keep up to date with trust issues, check bank statements and keep management and other costs within a reasonable level. If a Trustee is willfully negligent or dishonest in the management of the Trust, he or she may be personally liable for their actions. Naturally, as part of the efficient management of the Trust, it is crucial for the Trustees to be familiar with the terms of the Trust agreement.
Source “How to Manage a Trust.doc:kh”
© Lifetrust planning 6-2016
Preferred Beneficiary
Trust Account
Supplemental Information Record
Account Information
Trust account name (e.g. William Doggan trust, the Doggan Family trust)
Account number Transit number Branch address
Trustee/Co-Trustee Information
Name Address
Name Address
Name Address
Beneficiary Information (Gov. issued ID & # is a passport, birth certificate, driver’s license, Ont. ID Card)
Name Address SIN Gov. issued ID # and type
Name Address SIN Gov. issued ID # and type
Name Address SIN Gov. issued ID # and type
Name Address SIN Gov. issued ID # and type
This information and the documents attached is intended for the regulatory department of the Financial institution
This information must be provided so eligible trust deposits with multiple beneficiaries receive proper deposit insurance coverage. The trustee, as depositor, must ensure that the financial institution is given accurate and up to date information on the beneficiaries. In the case of multiple beneficiaries the trustee must confirm this information each year by contacting the financial institution.
Trustee/Co-Trustee Information
All trustees must sign below
Date Signature
Date Signature
Date Signature
Date Signature
© Lifetrust planning 6-2016
Supplemental Information Record