Qp Date

Trust and Settlement Variation Act

[RSBC 1996] CHAPTER 463

Contents
 1 Court approval of variation
 2 Benefit to parties interested
 3 Public Guardian and Trustee
 4 Deemed trust
 5 Court appearances

Court approval of variation

1  If property is held on trusts arising before or after this Act came into force under a will, settlement or other disposition, the Supreme Court 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 a specified description or a member of a specified class of persons,

(c) any person unborn, or

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

any arrangement proposed by any person, whether or not there is any other person beneficially interested who is capable of assenting to it, 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.

Benefit to parties interested

2  The court must not approve an arrangement on behalf of a person coming within section 1 (a), (b) or (c) unless the carrying out of it appears to be for the benefit of that person.

Public Guardian and Trustee

3  If a person comes within section 1 (a) or (c), or if a person coming within section 1 (b) or (d) is a minor or is mentally disordered, notice in writing of an application under this Act together with a copy of the material filed in support of it must be served on the Public Guardian and Trustee not less than 10 days before the date of the application.

Deemed trust

4  (1) The Supreme Court may exercise its powers under this Act in respect of land the ownership of which is the subject of a legal life interest.

(2) For the purposes of this section

(a) the holder of the legal life interest is deemed to hold the land in trust for himself or herself and the holders of successive interests in the land, and

(b) the beneficiaries of the trust are deemed to be incapable of consenting to the arrangement.

Court appearances

5  The Public Guardian and Trustee is entitled to appear and be heard on the application and is entitled to any costs that the court orders.