10 Application to appoint trustee
Surrogate Rules, appoint one or more persons as trustee of
(a) particular property to whi ch a minor is entitled or is likely to
become entitled and for which no trustee has been appointed
by a trust instrument, or
(b) the minor's property generally.
(2) The Court may appoint a trustee under subsection (1)(a) only if
in the Court's opinion it is in the minor's best interest to do so,
having regard at least to the following:
(a) the apparent ability of the proposed trustee to administer the
property;
(b) the merits of the proposed tr ustee's plan for administering
the property;
(c) the potential benefits and r isks of appointing the proposed
trustee to administer the property compared to other
available options for administering the property.
(3) The Court may appoint a trustee under subsection (1)(b) only if
the Court is of the opinion that it would be in the minor's best
interest to do so, having regard at least to
(a) the matters referred to in subsection (2), and
(b) whether the interest of the minor is likely to be better s erved
by an order under subsection (1)(b) than by an order under
subsection (1)(a).
(4) An order under subsection (1)(a) applies to the particular
property identified in the order and to any property derived from
the investment or disposition of that property.
(5) Subject to any limitation in the order, an order under
subsection (1)(b) applies to all property
(a) to which a minor is entitled at the time the order is made ,
and
(b) to which the minor becomes entitled while the order is in
effect,
excluding property for which a trustee has been appointed by a
trust instrument.
(6) An order appointing a trustee under subsection (1) may include
any provision, condition, limitation or direction that the Court
considers to be in the minor's best interest, and, without limitation,
may
(a) require the trustee to subm it the trustee's accounts at
specified intervals for the examination and approval of the
Court,
(b) limit the duration of the trusteeship,
(c) specify or limit the types of investment in which the trustee
may invest the trust property, or
(d) provide for compensation of the trustee.
(7) Except as otherwise provided by an order appointing a trustee
under subsection (1),
(a) the trustee has the same p owers and duties regarding the
property to which the order applies as would a trustee
appointed by a trust instrument, and
( b ) t h e Trustee Act applies to the trustee and the trust.