Variation of Trusts Act, R.S.O. 1990, c. V.1

Variation of Trusts Act

R.S.O. 1990, Chapter V.1

Consolidation Period:  From June 22, 2006 to the e-Laws currency date.

Last amendment: 2006, c. 19, Sched. C, s. 1 (1).

Legislative History: 2006, c. 19, Sched. C, s. 1 (1).

Jurisdiction of courts to vary trusts

1 (1) Where any property is held on trusts arising under any will, settlement or other disposition, the Superior Court of Justice may, if it thinks fit, by order approve on behalf of,

(a) any person having, directly or indirectly, an interest, whether vested or contingent, under the trusts who by reason of infancy or other incapacity is incapable of assenting;

(b) any person, whether ascertained or not, who may become entitled, directly or indirectly, to an interest under the trusts as being at a future date or on the happening of a future event a person of any specified description or a member of any specified class of persons;

(c) any person unborn; or

(d) any person in respect of any interest of the person that may arise by reason of any discretionary power given to anyone on the failure or determination of any existing interest that has not failed or determined,

any arrangement, by whomsoever proposed and whether or not there is any other person beneficially interested who is capable of assenting thereto, varying or revoking all or any of the trusts or enlarging the powers of the trustees of managing or administering any of the property subject to the trusts.  R.S.O. 1990, c. V.1, s. 1 (1); 2006, c. 19, Sched. C, s. 1 (1).

Benefit

(2) The court shall not approve an arrangement on behalf of any person coming within clause (1) (a), (b) or (c) unless the carrying out thereof appears to be for the benefit of that person.  R.S.O. 1990, c. V.1, s. 1 (2).

Section Amendments with date in force (d/m/y)

2006, c. 19, Sched. C, s. 1 (1) - 22/06/2006