Bank of Nova Scotia Trust Company v. Mount Sinai Hospital Foundation of Toronto

Bank of Nova Scotia Trust Company v. Mount Sinai Hospital Foundation of Toronto

The Trust Agreement satisfied the three certainties and Ms. Stein validly declared herself trustee; therefore the trust was properly constituted by declaration and the assets listed in Schedule A (including the Parkland shares and the Scotia McLeod accounts) were legally and beneficially owned by the Yvonne Kingston Stein Alter Ego Trust despite lack of completed bank transfer paperwork, because the declaration of trust divested her equitable ownership and no further re-titling was legally necessary to make the trust operative.

Citation
2025 NSSC 319
Parties
Applicant Co Trustee and Co Personal Representative: Bank of Nova Scotia Trust Company; Applicant Co Trustee and Co Personal Representative (also in Personal Capacity): Carolyn Vaughan; Applicant Co Trustee and Co Personal Representative (also in Personal Capacity): Meghan Lloyd; Respondent Residual Beneficiary Under Will and Trust: Mount Sinai Hospital Foundation of Toronto; Respondent Residual Beneficiary Under Will and Trust: The Salvation Army; Interested Party Beneficiary Under the Alter Ego Trust: Matthew Duggan
Court
Supreme Court of Nova Scotia
Jurisdiction
Canada
Judgment Date
9 October 2025
Procedural Posture
Civil Trusts/estate Declaration / Final Decision on Application (declaration)
Outcome
Declaration granted that the Parkland shares and the Scotia McLeod investment accounts are legally and beneficially owned by the Yvonne Kingston Stein Alter Ego Trust
Legal Topics
Alter Ego Trust, Constitution of Trust, Declaration of Trust, Transfer of Shares, Three Certainties, Bank Compliance and Transfer Formalities, Beneficial Ownership
Source Language
English
Trusts Estate Law Property Law Tax (income Tax/alter Ego Trust) Civil Procedure Alter Ego Trust Constitution of Trust Declaration of Trust +4 more

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Parties

Bank of Nova Scotia Trust Company

Applicant Co Trustee and Co Personal Representative

Carolyn Vaughan

Applicant Co Trustee and Co Personal Representative (also in Personal Capacity)

Meghan Lloyd

Applicant Co Trustee and Co Personal Representative (also in Personal Capacity)

Mount Sinai Hospital Foundation of Toronto

Respondent Residual Beneficiary Under Will and Trust

The Salvation Army

Respondent Residual Beneficiary Under Will and Trust

Matthew Duggan

Interested Party Beneficiary Under the Alter Ego Trust

Procedural Posture

Civil Trusts/estate Declaration / Final Decision on Application (declaration)

Legal Issues

  1. 1 Whether the issued and outstanding shares in Parkland Apartments Limited were legally and beneficially owned by the Estate of Yvonne Kingston Stein or by the Yvonne Kingston Stein Alter Ego Trust at the time of death
  2. 2 Whether the funds in Scotia McLeod account number 407-88375 were legally and beneficially owned by the Estate or by the Alter Ego Trust

Ratio Decidendi

The Trust Agreement satisfied the three certainties and Ms. Stein validly declared herself trustee; therefore the trust was properly constituted by declaration and the assets listed in Schedule A (including the Parkland shares and the Scotia McLeod accounts) were legally and beneficially owned by the Yvonne Kingston Stein Alter Ego Trust despite lack of completed bank transfer paperwork, because the declaration of trust divested her equitable ownership and no further re-titling was legally necessary to make the trust operative.

Court Disposition

Declaration granted that the Parkland shares and the Scotia McLeod investment accounts are legally and beneficially owned by the Yvonne Kingston Stein Alter Ego Trust

Orders

  • The issued and outstanding shares in the capital stock of Parkland Apartments Limited and the two investment accounts and the one business account held with Scotia McLeod are legally and beneficially owned by the Yvonne Kingston Stein Alter Ego Trust.
  • The funds in the investment account number 407-88375 held by Scotia McLeod in the name of Yvonne Kingston Stein are legally and beneficially owned by the Yvonne Kingston Stein Alter Ego Trust.