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Executors/Trustees Must Care For Estate Assets

Executors/Trustees Must Care For Estate Assets

The law is clear that a personal representative (executors, trustees, and administrators)  has a duty to care for the assets of the estate: Stanger v. Royal Trust Co., [1947] 1 W.W.R. 538, [1947] 2 D.L.R. 534 (Sask. C.A.).

Personal representatives undertake their duties in furtherance of their fiduciary relationship to the beneficiaries of the estate: Montreal Trust Co. v. Sproule, [1979] 6 W.W.R. 372, 103 D.L.R. (3d) 368 (Alta. Q.B.); Gibson Estate, Re, [1930] 2 W.W.R. 400 (Man. C.A.); Low v. Gemley (1890), 18 S.C.R. 685 (S.C.C.) held that persons who accept the office of executors or trustees must be supposed to accept it with the responsibility at all events for the possession of ordinary care and prudence.

Executors or trustees must undertake their responsibilities with ordinary care and prudence:

Low v Gemley was cited in Melito Estate v. Melanson, 2012 ONSC 2584 (Ont. S.C.J.) at para 81, 2012 CarswellOnt 5318 (Ont. S.C.J.)

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