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Topic 14 - Trustees and Beneficiaries
70517 - Equity and Trusts
19 Pages • Topic Notes • Year: Pre-2021
A: APPOINTMENT; RETIREMENT; AND REMOVAL 2 B: RIGHTS OF TRUSTEES 3 1. Right of indemnity [against the trust assets] 3 Right of indemnity - examples: 5 Limits on right of indemnity 5 ‘clear accounts’ rule; right of subrogation 7 2. Right of Contribution 9 Right of Contribution – statutory alteration of general principle 9 3. Right to directions from the court 9 C: DUTIES OF TRUSTEES 10 1. Duty to inquire (sometimes broken up into separate duties to become acquainted with the terms of the trust and get in trust property) 11 2. Duty to obey the terms of the trust 11 3. Duty to keep accounts and give information to beneficiaries 12 what is trust information [is a beneficiary entitled to]? 12 Do beneficiaries have a proprietary right to trust information? Law not settled 12 4. Duty to pay beneficiaries correctly 13 5. Duty to act gratuitously/ not to profit 13 Self-Dealing Rule: 14 6. Duty to act impartially 14 7. Duty to exercise reasonable care 14 14A Duties of trustee in respect of power of investment 15 8. Duty to act personally 15 9. Duty to properly consider the exercise of trust powers 16 10. Duty to invest 16 D: POWERS OF TRUSTEES 17 E: NATURE OF BENEFICIAL INTERESTS 18 F: RIGHTS OF BENEFICIARIES 18 G: BENEFICIARY’S REMEDIES FOR BREACH 19
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