Co executors disagree on liquidating land

Even though the trustee cannot benefit from the trust the trustee is accountable to the beneficiaries for any loss. The message you need to take from this chapter is that trusts, unlike companies, are not legal entities.

There is no register of discretionary family trusts.

However, the trustee cannot benefit from the property (unless the trustee is also a beneficiary).

Most importantly, as well as owning the property, the trustee also owes certain obligations to the beneficiaries.

If you suspect that you are the beneficiary of a trust, you can ask the trustee to confirm this. That is, although the trustee need not tell you that you are a beneficiary, the trustee must acknowledge that you are if questioned.

A trustee who did not confirm that a person was a beneficiary when asked would be in breach of trust and could be liable to the beneficiary for any loss the beneficiary incurred because of the breach.

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