What is the role of a trustee in the context of the absence of financial records?
Alberta, Canada
The following excerpt is from Re Lefebvre (Estate of), 2007 ABQB 195 (CanLII):
In Bangay v. Sowa Estate, [2003] A.J. No. 1119, 2003 ABQB 761, at para. 3, Madam Justice Veit made the following observations in relation to the responsibilities of a trustee: . . . While a private owner of property can dispose of that property however he chooses, a trustee holds for the benefit of others and must make prudent decisions concerning the property. And at para 4: . . . Given the nature of trustee’s obligation, the trustee must bear the brunt of problems arising out of the absence of financial records.
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