Watch Podcast - Click Here
[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 17th, 2023 to help educate our listeners on various legal scenarios.
[00:20] BELL CHIME
[00:23] Today’s episode will be on appointing the Office of the Public Guardian and Trustee as an alternative trustee
[00:28] As a last resort, the Office of the Public Guardian and Trustee, or the PGT for short, may accept appointment as the estate trustee under a will if there is no one willing and able to do so.
[00:40] Before asking the PGT, you’re asked to consider appointing a lawyer or a trust company as the estate trustee.
[00:47] However, lawyers and trust companies do expect financial compensation that would be paid out of the estate proceeds.
[00:54] Please note that Landmark Law is unwilling to step in as an estate trustee.
[00:58] If, after considering all other options, you would still like to appoint the PGT as the estate trustee under the Will, prior written consent of the PGT is required. For the PGT to consent to the appointment, their office would review a draft copy of the proposed Will before it is executed to ensure no ambiguity. Please also note that the PGT reserves their right not to consent the appointment. This may be the case if the value of the estate at the relevant time is below the PGT’s policy limit. The PGT also cannot provide any legal advice on the terms and wording of the Will. Nor can they provide any precedent or sample Will.
[01:37] If the PGT has consented to be named as an estate trustee, information about the testator and their finances are required to be shared to the PGT. The PGT would in return, act as an estate trustee and do everything an estate trustee would do.
[01:51] 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 with a new speaker!