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        

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

Preferred Beneficiary

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