Can a trustee access a trust for their own benefit? Let's say that I am a trustee for my children and hold funds designated for their future such as schooling and living expenses what happens if I use the funds personally?
Province/Territory relating to question: Saskatchewan
Use by a trustee of trust property for personal reasons is not permitted, under any circumstances.
The consequences of doing this could include a lawsuit by (or on behalf of) the beneficiaries seeking that the trust funds be repaid with interest and court costs paid, and removal of the trustee and appointment of an alternate trustee or the Public Trustee to take over duties.
It would depend very much on the particular circumstances, but there would also be a risk of criminal charges such as theft or fraud for such activitiy.
with over 15 years experience.