Article 27 – Beneficiaries of a Trust
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.
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).|