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[00:10] Welcome to a new episode of “Just A Minute” by Landmark Law. Today’s episode is presented to you by Abi on March 3rd, 2023 to help educate our listeners on various legal scenarios.
[00:20] BELL CHIME
[00:21] Today’s episode will be on Trustee considerations.
[00:25] Some have asked, “should I appoint someone other than my surviving spouse as the trustee of my minor children?”
[00:32] Generally, what we observe from the industry is that the testator appoints the surviving spouse as the trustee to manage the financial affairs for their minor children, even if the surviving spouse later remarries. The other option available is that a testator may appoint a neutral third party to act as the trustee when your children are still minors and your surviving spouse remarries. Essentially, the newly appointed trustee comes into effect when the surviving spouse remarries and will only have the power to manage the children's estate interest and not matters relating to your children's parenting.
[01:06] Hence, initially, it will be the surviving spouse who is appointed as the trustee. However, when the surviving spouse remarries, and the children are still minors, you would insert a condition that the surviving spouse acting as trustee will be terminated. Additionally, the neutral third party will be appointed as the new trustee for the minor children's estate interest. Your wish would be that when the surviving spouse remarries, the newly appointed trustee has only the right to manage the estate interests of the child and not the right to raise the child.
[01:37] Please note you may also wish to consider the situation involving surviving spouse cohabiting rather than marrying another person.
[01:45] If you are interested in drafting your Will, please visit Landmarklaw.ca to learn more, and make sure to tune in for next week’s episode on Henson Trust