Tag: Variations of Trusts Act

10 Nov

Hull on Estates #440 – Variation of Trusts 101

Hull & Hull LLP Estate & Trust, Hull on Estate and Succession Planning, Hull on Estates, Hull on Estates, Podcasts, Show Notes Tags: , , , 0 Comments

This week on Hull on Estates Noah Weisberg and Natalia Angelini discuss P. Ann Lalonde’s contribution to the Key Developments in Estates and Trusts Law in Ontario (chapter 12), pertaining to variations of trusts and the steps and considerations involved in proceeding.

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09 Sep

Variation of Trusts – Hull on Estates Podcast #127

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Listen to Variation of Trusts

Craig Vander Zee and Bianca La Neve discuss variation of trusts, with an emphasis on the Variation of Trusts Act and approval of variations of trusts on behalf of minor, unascertained, unborn or contingent beneficiaries.  The well-known case of R. v. Irving (1975), 11. O.R. (2d) 42 (H.C.) is discussed.

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29 Aug

To Vary a Trust or Not to Vary a Trust: Does a Statute have an Answer?

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Those wishing to vary a trust in Ontario, can look to the Variation of Trusts Act (R.S.O. 1990, c. V.1) (Act) for the authority to do so. Although the Act is surprisingly only one section in length, don’t let the length fool you.

Essentially, the Act permits the Court to approve a variation of a trust under a will, settlement or other disposition on behalf of minor, unascertained, unborn or contingent beneficiaries if the variation, in the words of the Act, “appears to be for the benefit” of those persons.

While relying on the Act for jurisdiction to make a variation, there are many things to consider in pursuing a variation such as the procedure to follow and the criteria to meet in order to have the variation approved. 

 

In the well-known case of R v. Irving, (1975), 11 O.R. (2d) 442 (H.C.), the Court set out three criteria to consider in determining whether to approve a variation, namely: (i) does the variation keep alive the basic intention of the testator or settler?, (ii) does the variation benefit those for whom the Court is asked to consent?, and (iii) whether a prudent adult motivated by intelligent self-interest and sustained consideration of the expectancies and risks of the variation, would likely accept it?

 

There are a number of cases that have considered these criteria; too many to go into in this blog. Suffice it to say that the Act does provide an answer to the question as to whether one can vary a trust, but the answer is only a partial one as the Court will also consider criteria needed to be met in determining whether to approve a variation.

 

Enjoy the long weekend (and last of the summer), school starts next Tuesday.

 

Craig

06 Nov

Deferring Tax on Capital Gains – Hull on Estates and Succession Planning Podcast #85

Hull & Hull LLP Hull on Estate and Succession Planning, Hull on Estate and Succession Planning, Podcasts, PODCASTS / TRANSCRIBED Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , 0 Comments

Listen to Deferring Tax on Capital Gains

This week on Hull on Estates and Succession Planning, Ian and Suzana continue their discussion about rolling assets into Trusts and issues surrounding deferring tax on Capital Gains.

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