Trusts and Trustees Act (Cap. 331), article 9

9. (1) A beneficiary has an entitlement, called a beneficial interest, in or to the trust property, as the case may be. The beneficiary may enjoy the beneficial interest subject to the te rms of the trust and the provisions of this Act and any other provisio ns of law applicable to trusts. (2) Rights of a beneficiary are personal to him and cannot be transmitted by inheritance except as provided for in the terms of the trust. Subject to any applicable laws and only as stated in ter ms of the trust, creditors, spouses, heirs or legatees of the beneficiary may have rights only to the extent of the beneficiary’s entitlements und er the trust and have no other rights i n relation to the trust propert y or the trustee. (3) The interest of a beneficiary under a trust shall be deemed to be movable property, even if the trust property includes immovable property. (4) A person shall not b e entitled to benefit under a trust unle ss he is - (a) identifiable by name; or (b) ascertainable by reference to a class or to a relationship to some person, whether or not living at the time which under the terms of the trust is the time by reference to which members of a class are to be determined; and if there are no beneficiarie s identifiable or ascertainable as aforesaid the trust shall, unless the purpose of the trust is a charitable purpose, fail. ( 5 ) P e r s o n s w h o a r e n o t y e t c o n c e i v e d a t t h e t i m e o f t h e settlement of property under trus ts may be named as beneficiari es or form part of a class of beneficiaries but their rights arise only once they are born viable. (6) A settlor of a trust may also be a beneficiary under the tru st. (7) The terms of the trust may provide for the addition of a person as a beneficiary, the exclusion of a beneficiary from be nefit, 12 CAP. 331.] TRUSTS AND TRUSTEES or the imposition on a beneficiary of an obligation as a condit ion for benefit. (8) When the trustee is granted the power to add a person as a beneficiary such power shall be valid on condition that such pe rson is identifiable by name or forms part of a class of persons the members of which are reasonably individually identifiable, such identification to be given either in the trust instrument or in any other written instrument, signed by the settlor, whether bindin g or not on the trustee. (9) A person who may be added as a beneficiary in terms of a power granted to the trustee sha ll not enjoy any rights in rela tion to the trust property or against the trustee and shall not be cons idered a beneficiary in any manner until appointed as a beneficiary by the trustee. (10) It shall be lawful for a trustee to be granted the discreti on as to which beneficiaries are to benefit, the quantity of any bene fit, at what time and in what manner ben eficiaries are to benefit and s uch other powers relating to the appointment, application or advancement of trust property. (11) A beneficiary in whose favour a discretion to appoint or advance property may be exercised shall have no rights in or to specific trust property until such time as such discretion is exercised by the appointment, application or advancement of suc h trust property in favou r of such beneficiary: Provided that nothing in this subarticle shall be construed as excluding the duty of the trustee to properly and fairly con sider all such beneficiaries in th e exercise of his discretion. (12) A beneficiary may, by instrument in writing, disclaim his whole interest and such a disclaimer shall be irrevocable, whet her or not he has received any be nefit from his interest. (13) Subject to the terms of the t rust, a beneficiary may discla im part of his interest, whether or not he has received some benef it from his interest; in any such case, but subject to the terms o f the trust, a disclaimer may, by the instrument by which the interes t is disclaimed, be made revocable, and shall then be capable of revocation in the manner and under the circumstances therein mentioned or referred to. (14) Subject to the terms of the trust, a beneficiary may, by instrument in writing, sell, charge, transfer or otherwise deal with his interest in any manner. Cap. 16. (15) (a) The provisions of this article shall apply to dispositions in wills in favour of trustees whether appointed inter vivos or by testamentary disposition notwithstanding the provisio ns of articles 688, 693 and 695 and other provisions of the Civil Code . (b) A disposition in a will in favour of - (i) a named trust, or (ii) the trustee of a named trust, or TRUSTS AND TRUSTEES [CAP. 331. 13 (iii) a named trustee or in his stead the pro tempore trustee in relation to a named trust, whether created inter vivos or by means of a will, shall b e v a l i d w h e t h e r t h e t r u s tee is in office or yet to be appointed in accordance with the terms of a trust. (c) Any disposition in a will shall be valid even if, at the time of the opening of succession - (i) the named trustee is no longer the trustee of the trust indicated in the will; or (ii) there is no trus tee in office, and any such disposition shall be construed as referring to the trustee pro tempore of the trust indicated in the will. (d) Without prejudice to the right of a trustee to accept an inheritance with the benefit of inventory, a trustee may not renounce to a benefit under a will pursuant to a disposition in his favour as trustee or in favour of the trust except with the consent of all the beneficiaries or the Court. (e) The refusal to accept to act a s a trustee under a trust or the resignation of a trustee from office shall not in any way affect the operation of a testamentary disposition in favour of a trust and, in such case, the provisions of articles 19 and 20 shall apply. Additional trust property. Amended by: XX. 1994.4. Substituted by: XIII. 2004.11.