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Sunday, September 28, 2014

How much can the trustee of a Henson Trust be paid?

Thousands of Canadians have been named as the trustee of wills and by extension, the trusts set up in those wills. For many, this may include a Henson Trust. This is a type of trust that is created to set aside funds for a disabled person to provide for that person's financial future. Henson trusts are used in every province other than Alberta.

Since most trustees are thrust into the job without prior training, finding reliable information about the mechanics of the job is essential. I'm attaching a link to a new blog post by Ottawa lawyer Donna Neff that will help answer one very important question - that of how much the trustee is to be paid for looking after the trust. Click here to read it.

Calculating the right amount is important because the trustee carries a lot of responsibility and risk for looking after a large sum of money and applying it correctly according to the terms of the trust. It's also important to explain the fees to others, such as the people who will inherit the remainder of the trust once the disabled person passes away.

Note that Ms. Neff's post is specifically about Ontario. The same principles will apply in other provinces, though the legislation might well be different. If you live outside of Ontario, you  might want to ask a local trusts lawyer for additional information.

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