Re ABC Trust [2012] SC (Bda) 65 Civ (13 November 2012)
All parties sought to amend the Trusts to allow modern charging provisions for professional trustees; to change the perpetuity period; and to change a provision of the charitable trust.
Kawaley CJ noted that changes could be made to a trust document if it was expedient to the Trust, consistent with the equitable principles governing trusts [6].
There is nothing controversial about allowing modern professional trustees to charge their usual rates [8].
In this case, there were benefits to extending the perpetuity period - to give future generations the benefit of the trusts and to avoid ruining young beneficiaries who would otherwise receive substantial sums of money at a young (irresponsible??) age [10].
It made good practical sense that the charitable trustees should not have to consider the law of Prince Edward Island in determining whether a purpose was charitable, and the change was approved [12].
All parties sought to amend the Trusts to allow modern charging provisions for professional trustees; to change the perpetuity period; and to change a provision of the charitable trust.
Kawaley CJ noted that changes could be made to a trust document if it was expedient to the Trust, consistent with the equitable principles governing trusts [6].
There is nothing controversial about allowing modern professional trustees to charge their usual rates [8].
In this case, there were benefits to extending the perpetuity period - to give future generations the benefit of the trusts and to avoid ruining young beneficiaries who would otherwise receive substantial sums of money at a young (irresponsible??) age [10].
It made good practical sense that the charitable trustees should not have to consider the law of Prince Edward Island in determining whether a purpose was charitable, and the change was approved [12].
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