• Part 6: Part 6: The Beneficiaries of a QFC Trust

    • Article 27 – Beneficiaries of a Trust

      (1) A Beneficiary must be:
      (A) identifiable by name; or
      (B) ascertainable by reference to:
      (i) a class; or
      (ii) a relationship to some Person whether or not living at the time of the creation of the Trust or 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.
      (2) The Terms of the Trust may provide for the addition of a Person as a Beneficiary or the exclusion of a Beneficiary from benefit.
      (3) Provided that the same Person is not the sole Trustee and sole Beneficiary, a Settlor or a Trustee of a Trust may also be a Beneficiary of a Trust.
      Amended (as from 24th December 2017).

    • Article 28 – Disclaimer

      (1) A Beneficiary may disclaim its whole interest.
      (2) A disclaimer made under Article 28(1) must be in writing and must be irrevocable.
      (3) Subject to the Terms of the Trust, a Beneficiary under a Trust may disclaim part of its interest, whether or not it has received some benefit from its interest.
      (4) A disclaimer made under Article 28(3) may, subject to the Terms of the Trust, be revocable and it must be exercisable in the manner and under the circumstances so expressed.
      Amended (as from 24th December 2017).

    • Article 29 - Interest of Beneficiary and dealings

      (1) The interest of a Beneficiary will constitute movable Property.
      (2) Subject to the Terms of the Trust, a Beneficiary may, by instrument in writing, sell, charge, transfer or otherwise deal with its interest in any manner.
      Amended (as from 24th December 2017).