Trustee in Alberta: What the Role Means and Your Duties
Table of Contents
Trustee Definition
A trustee controls and manages trust property according to the trust’s terms for the benefit of beneficiaries. In estates, your executor often becomes the trustee of any testamentary trusts after the estate is wound up.
Fiduciary duties of Trustees (plain English
Loyalty & impartiality: act for beneficiaries, avoid conflicts.
Prudence: invest and manage like a careful person would with another’s money.
Accountability: keep accurate, complete records; provide accounts when required.
Follow the instrument: carry out the exact terms of the will/trust deed.
Reasonable delegation: hire professionals where prudent; supervise them.
Practical do’s and don’ts for Trustees
Do open a dedicated trust account; keep funds separate.
Do record every transaction and keep supporting documents.
Do obtain tax numbers/returns as needed.
Don’t mix personal and trust money.
Don’t distribute prematurely or ignore creditor/tax claims.
Trustee vs. Executor (quick compare)
Executor/PR: manages the estate from death until debts/expenses are paid and assets distributed.
Trustee: manages ongoing trusts created by the will or by deed, potentially for years
When to get help
Investment, tax, and legal questions are normal. Professional fees, when reasonable, are trust expenses.
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Disclaimer: This guide provides general information about estate planning in Alberta and should not be considered legal advice. Every situation is unique, and you should consult with a qualified estate planning lawyer to discuss your specific circumstances. Laws and regulations can change, so ensure you’re working with current information when making estate planning decisions.
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Frequently Asked Questions
Can multiple trustees act?
Yes. Co-trustees must act together unless the instrument allows majority decisions.
What if a trustee can’t continue?
A replacement process is typically set out in the will/trust or by court order.
Can a beneficiary be a trustee?
Yes, but conflicts must be managed carefully.
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