The final Brown Bag Lunch meeting of 2023 was held on December 19. Despite the proximity to the holidays, BBLers still showed up ready to discuss a variety of interesting topics and practice questions.
The meeting began with participants sharing their thoughts on one BBLers request for input on how to appoint a non-resident beneficiary as estate trustee without a Will for a relatively small estate, without consents from the other beneficiaries. Several attendees expressed concern that such an application would be successful at all, suggesting that a trust company would be a better solution. Some trust companies have a lower minimum threshold estate value or will agree to act provided they are paid the minimum fee.
Next, one attendee shared a complicated planning matter they are working on, involving a client’s desire to roll out assets, wind up a trust, and establish a new trust for different beneficiaries to hold the same assets. The matter involved a number of challenging issues that led to a lively discussion amongst participants, including whether notice must be given to a third trustee where there is a majority rules clause for decision-making, and possible family law issues.
BBLers then moved on to discuss the recent decision of D’Onofrio v Riley, 2023 ONSC 4764. The decision of the Honourable Justice Dietrich considered several interesting matters including ownership of a property, whether the deceased’s Will established a valid insurance policy trust, and whether the executor could make an assignment of the estate into bankruptcy in the circumstances. Members present shared some interesting thoughts and opinions on the decision.
The next two Brown Bag Lunches will be held on March 19, 2024 and April 16, 2024. The full schedule can be found here. If you need Zoom details for the meeting, please contact the moderator, Rebecca Kennedy at rkennedy@agbllp.com.
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