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Bill 12 would improve the creation and management of trusts while decreasing court involvement.
Status: Bill 12 introduced March 29, 2022
Ministry responsible: Justice and Solicitor General
Bill 12, the Trustee Act, would make it more efficient to create and manage trusts while reducing the need to go to court.
If passed, the new Trustee Act will replace existing legislation with a new model that sets clear provisions to support improved day-to-day function of trusts for Albertans, including charities and businesses.
A trust is a legal document by which assets are held and administered for the benefit of others. The new act would improve the management of trusts for businesses, decrease administrative burdens on beneficiaries, and reduce the need for court involvement. This would result in cost savings for Albertans, and free up the court’s time and resources.
Alberta’s current trustee legislation is outdated and requires modernizing as it mainly deals with trusts under wills. The new act has been adapted for modern business to apply to things like real estate investment trusts that fund land developments and royalty trusts that finance the oil and gas sector. Trusts have evolved, requiring significant legislative reforms to bring it into the 21st century and to reflect the needs of Albertans.
If passed, Bill 12 will modernize trustee legislation by:
Under the proposed model, new provisions include:
If passed, Bill 12 will take effect on proclamation.
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