Estate trustees applied to pass accounts for a four-year period.
The only objection raised by the Children's Lawyer was whether investment management fees paid to a professional investment manager should be deducted from the trustees’ compensation.
The court considered the prudent investor rule under the Trustee Act and the principle that trustees are entitled to indemnification for reasonable expenses incurred in administering an estate.
It held that the trustees reasonably retained specialized investment counsel because the investment of trust assets required expertise beyond their capabilities.
The investment management fees were therefore a proper expense of the estate and should not reduce trustee compensation.
