LAWS2704 Study Guide - Final Guide: Specific Performance, Testator, Australian Elizabethan Theatre Trust
Document Summary
The beneficiaries have substantial rights to enforce the proper administration of the trust. In a discretionary trust, the beneficiaries entitlements are su(cid:271)je(cid:272)t to the t(cid:396)ustee(cid:859)s dis(cid:272)(cid:396)etio(cid:374). Ho(cid:449)e(cid:448)e(cid:396) ge(cid:374)e(cid:396)all(cid:455) speaki(cid:374)g these ha(cid:448)e (cid:374)o fi(cid:454)ed (cid:373)ea(cid:374)i(cid:374)g. Chief commissioner of stamp duties v buckle. The discretionary trust is usually referred to as a t(cid:396)ust po(cid:449)e(cid:396) (cid:271)e(cid:272)ause the t(cid:396)ustee(cid:859)s dis(cid:272)(cid:396)etion is a form of power of appointment. Dis(cid:272)(cid:396)etio(cid:374)a(cid:396)(cid:455) t(cid:396)usts (cid:272)a(cid:374) also (cid:271)e (cid:272)lassed as (cid:858)e(cid:454)hausti(cid:448)e(cid:859) o(cid:396) (cid:858)(cid:374)o(cid:374) e(cid:454)hausti(cid:448)e(cid:859). I(cid:374) a(cid:374) e(cid:454)hausti(cid:448)e trust, the trustees must distribute the income earned by the trust capital. In a non exhaustive trust, they are permitted to accumulate such income secretary, department of. Ho(cid:449)e(cid:448)e(cid:396) a (cid:271)a(cid:396)e t(cid:396)ustee still has a duty to preserve tryst property, as such a duty exists by virtue of the office. It is the o(cid:271)ligatio(cid:374) (cid:858)to get the t(cid:396)ust p(cid:396)ope(cid:396)t(cid:455) i(cid:374), p(cid:396)ote(cid:272)t it a(cid:374)d (cid:448)i(cid:374)di(cid:272)ate the (cid:396)ights atta(cid:272)hi(cid:374)g to it(cid:859) .
