INVESTMENT POWERS OF TRUSTEES IN ONTARIOAntabuse buy online irelandPurchase zovirax ointment Viagra online fast delivery Where can i buy xenical in the uk One of the primary duties of trustees, executors, and other persons having custody and control of assets belonging to other people, is to invest those assets for the benefit of the true owners. However, the investment powers of a trustee dealing with trust assets, who has a fiduciary duty to act in the best interests of the trusts beneficiaries, are not as broad as those of an individual investor dealing with his or her own assets, who has no-one to answer to but him or herself. HistoryIn the past, Ontario legislation set out a list of authorized investments for trustees, which consisted primarily of government bonds, deposit instruments with banks and loan and trust companies, first mortgages, and blue-chip shares with a 5-7 year history of paying dividends. Although it was common for wills and trust instruments specifically to allow trustees to make investments which were not on the authorized list, the many trustees acting under more restrictive trust agreements, or no trust agreements at all, often found themselves unable to take full advantage of the higher rates of return historically associated with equity investments, or even to maintain the real value of a capital beneficiary's interest in the face of inflation. A trustee who invested trust assets in investments authorized neither by the will or trust document, nor by the legislation, would be liable for any loss on the unauthorized investment, even if the other investments in the portfolio had performed well, unless a court found that the trustee had acted honestly and reasonably and ought fairly be excused for the breach of trust. Prudent Investor RuleTo address these problems, the Ontario Trustee Act was amended effective July 1, 1999 to replace the lists of authorized investments with a general duty on the part of the trustee to exercise the care, skill, diligence and judgment that a prudent investor would exercise in making investments. The trustees statutory duties are now twofold. First, the trustee must consider certain criteria in planning the investment of the trust assets:
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Second, the trustee must diversify the investments of the trust to an extent that is appropriate to
Again, it is recommended that the trustee document on an ongoing basis the reasons for his or her belief that a decision is appropriate in the light of the requirements of the trust and general economic and investment market conditions, since it may be difficult to reconstruct these reasons if the trustees choice of investments is challenged at a later date. Delegation Of Investment PowersA trustees powers are delegated to him or her by the settlor or creator of the trust. On the assumption that the settlor carefully selected a trustee whom the settlor trusted to carry out the terms of the trust, the general rule is that the trustee is not entitled to further delegate his or her powers or duties. However, the amendments to the Ontario Trustee Act have changed this rule in several ways. First, there is no longer any prohibition on a trustee investing in mutual funds, despite the fact that it is the fund manager and not the trustee him or herself who selects the underlying investments of the mutual funds. This amendment addresses the practical problem of a trust with insufficient assets to achieve appropriate investment diversification by investing directly in stocks and bonds. A similar amendment ensures that an individual trustee acting jointly with a corporate trustee can allow the corporate trustee to invest trust assets in its common trust fund (which, like a mutual fund, allows several trusts to invest in a common pool of investments), despite the fact that this is strictly speaking a delegation of investment responsibility by the individual trustee to the trust company (whose officer or employee is responsible for selecting the investments of the common trust fund). Third, a trustee is specifically authorized by the legislation to obtain advice in relation to the investment of the trust property and to rely on the advice if a prudent investor would do so in the circumstances. Because of the variety of investments available today and the impossibility of a lay trustee researching the risks and rewards of each possible investment him or herself, it has been suggested in fact that a trustee ought generally to obtain investment advice. Most recently, the legislation has been amended to allow a trustee to delegate the actual making of investment decisions to investment counsel. As of June 29, 2001, the Ontario Trustee Act allows a trustee to authorize an agent to to exercise any of the trustee's functions relating to investment of trust property to the same extent that a prudent investor, acting in accordance with ordinary investment practice, would authorize an agent to exercise any investment function. However, the trustee remains subject to the following duties:
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