A provincial state of emergency remains in effect due to numerous wildfires.
For wildfire related information, call the 24-hour info line at 310-4455 (available in 200+ languages) or visit alberta.ca/emergency.
A provincial state of emergency remains in effect due to numerous wildfires.
For wildfire related information, call the 24-hour info line at 310-4455 (available in 200+ languages) or visit alberta.ca/emergency.
The Trustee Act (Bill 12) improves the creation and management of trusts while decreasing court involvement.
Status: The Trustee Act received Royal Assent on April 29, 2022
Ministry responsible: Justice and Solicitor General
The Trustee Act (formerly Bill 12) makes it more efficient to create and manage trusts while reducing the need to go to court.
The act replaces 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 Trustee Act improves the management of trusts for businesses, decreases administrative burdens on beneficiaries, and reduces the need for court involvement. This results in cost savings for Albertans, and frees up the court’s time and resources.
The Trustee Act modernizes outdated legislation that mainly dealt with trusts under wills. The 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.
The Trustee Act:
New provisions include:
The Trustee Act will take effect on proclamation.
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