What is a trustee's duty to exercise their powers in the best interest of the beneficiaries of a trust?
British Columbia, Canada
The following excerpt is from Kordyban v. Kordyban, 2002 BCSC 475 (CanLII):
It is helpful in considering this question to reflect upon the duties of trustees. The first and fundamental principle is that it is the duty of trustees "to exercise their powers in the best interests of the present and future beneficiaries of the trust, holding the scales impartially between different classes of beneficiaries.” Cowan v. Scargill, [1985] 1 Ch. 270 at 286-287 per Megarry V.C. Where the purpose of the trust is to provide financial benefits, the best interest of beneficiaries is usually financial.
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