11. Beneficiaries

Abstract

This chapter examines the nature of the rights of the beneficiaries of a trust, particularly where there is an express trust. It explains that the beneficiary gains equitable rights once a private trust has been validly created and they can enforce these rights against the trustee. It emphasizes that the nature of the right that is enforceable by the beneficiary depends on the nature of the trust that has been established and that the rights of beneficiaries under resulting and constructive trusts are limited. This chapter also considers the formality requirements for the disposition of equitable interests and when it is possible for the beneficiaries to terminate the trust.