12(1)A trustee may, by power of attorney, appoint an attorney to exercise any powers and perform any duties vested in the trustee for a specified period not longer than 12 months from the time the power of attorney is to take effect.
12(2)Subject to subsection (3), a trustee may only appoint a co-trustee as attorney if the appointment would have been reasonable and prudent if the co-trustee had not been a co-trustee.
12(3)If there are only two trustees and the terms of the trust specify that there shall be a minimum of two trustees, neither trustee may appoint the other trustee as attorney.
12(4)A trustee who appoints an attorney under subsection (1) is liable for a loss arising from the acts or omissions of the attorney as if they were the acts or omissions of the trustee.
12(5)No later than seven days after a power of attorney is executed under subsection (1), the trustee shall deliver written notice in accordance with subsections (6) and (7) that an attorney has been appointed.
12(6)A notice referred to in subsection (5) shall be delivered to the following persons:
(a)
every other trustee of the trust;
(b)
every person who has the power under the trust instrument, whether alone or jointly, to appoint a new trustee; and
(c)
if there is no person to whom notice can be delivered under paragraph (a) or (b), the qualified beneficiaries.
12(7)The notice referred to in subsection (5) shall include the following information:
(a)
the identity of the attorney;
(b)
the mailing address for the attorney;
(c)
the telephone number, fax number and electronic mailing address of the attorney;
(d)
a description of the powers and duties delegated to the attorney;
(e)
the reason for the appointment;
(f)
the date or event on which the appointment is to take effect; and
(g)
the duration of the appointment.
12(8)The failure by the trustee to comply with subsection (5) does not invalidate, as against a third party dealing with the trustees or the attorney in good faith, any act done or document executed by the attorney.
12(1)A trustee may, by power of attorney, appoint an attorney to exercise any powers and perform any duties vested in the trustee for a specified period not longer than 12 months from the time the power of attorney is to take effect.
12(2)Subject to subsection (3), a trustee may only appoint a co-trustee as attorney if the appointment would have been reasonable and prudent if the co-trustee had not been a co-trustee.
12(3)If there are only two trustees and the terms of the trust specify that there shall be a minimum of two trustees, neither trustee may appoint the other trustee as attorney.
12(4)A trustee who appoints an attorney under subsection (1) is liable for a loss arising from the acts or omissions of the attorney as if they were the acts or omissions of the trustee.
12(5)No later than seven days after a power of attorney is executed under subsection (1), the trustee shall deliver written notice in accordance with subsections (6) and (7) that an attorney has been appointed.
12(6)A notice referred to in subsection (5) shall be delivered to the following persons:
(a)
every other trustee of the trust;
(b)
every person who has the power under the trust instrument, whether alone or jointly, to appoint a new trustee; and
(c)
if there is no person to whom notice can be delivered under paragraph (a) or (b), the qualified beneficiaries.
12(7)The notice referred to in subsection (5) shall include the following information:
(a)
the identity of the attorney;
(b)
the mailing address for the attorney;
(c)
the telephone number, fax number and electronic mailing address of the attorney;
(d)
a description of the powers and duties delegated to the attorney;
(e)
the reason for the appointment;
(f)
the date or event on which the appointment is to take effect; and
(g)
the duration of the appointment.
12(8)The failure by the trustee to comply with subsection (5) does not invalidate, as against a third party dealing with the trustees or the attorney in good faith, any act done or document executed by the attorney.