This paper was originally delivered by Raymond Murray and Kris Ade as part Part 3 of the LSO’s CPD program on Estate Accounting and Passing of Accounts on Wednesday January 26, 2021.
Being an estate trustee can feel like a thankless task. Depending on the size of the estate, the
number of beneficiaries involved, and the complexity of the estate plan, the estate administration
may be quite challenging. What adds further angst is that many trustees are performing these duties
for the first time and are held to a fiduciary duty to act in the estate’s best interests. Perhaps this is
why legislatures, including Ontario’s, have opted to override the prohibition in equity on trustees
profiting from their trusteeships by statutorily entitling trustees to compensation for their work on
behalf of the trusts under their administration.