“Every beneficiary is entitled to see the trust accounts, whether his interest is in possession or not.”
“There was a claim by Miss Nestle for income accounts for the funds since their inception. For the period during which any income might have accrued to capital, namely until John Nestle turned 25 in 1938, those accounts were delivered a long time ago. In respect of the period since that date she has as a capital beneficiary no interest in the disposal of the income and is not in my judgment entitled to accounts.”
“In that case, the Plaintiff’s request for income accounts was refused because she was a capital beneficiary. Hoffman J did not however find that the Plaintiff had been barred from obtaining capital accounts until her remainder interest vested in possession, nor is there any obiter dictum to that extent. The Claimants also emphasise that the Plaintiff had been provided with extensive capital accounts while her interest was vested in interest.”
“As Millett LJ also stated, ‘Every beneficiary is entitled to see the trust accounts, whether his interest is in possession or not’, so that he has the means to discover whether there has been a breach of trust which can be remedied. Thus, beneficiaries with a life interest or an interest in remainder, whether in income or in capital and whether vested or contingent, have accounting rights, as do beneficiaries under discretionary trusts and also (in principle) objects of a fiduciary power of appointment.”
“this may give the Plaintiff more information than he is entitled to ask, because as there are twelve shares in this fund, it may be that there are several distringases of the fund obtained by persons who have charges on the continent interest of the other persons, and it is clear that the trustee is not bound to give the cestui que trust of one share any information as to the dealings of the other cestui que trust in whose share he has no interest, shewing whether those shares are or are not incumbranced.”
“(1) This rule applies where – (a) a person is or has been a party to any proceedings in the capacity of trustee or personal representative; and (b) rule 44.5 does not apply [this concerns costs payable under a contract, and does not apply here]. (2) The general rule is that that person is entitled to be paid the costs of those proceedings, insofar as they are not recovered from or paid by any other person, out of the relevant trust fund or estate. (3) Where that person is entitled to be paid any of those costs out of the fund or estate, those costs will be assessed on the indemnity basis.”
“1.1 A trustee or personal representative is entitled to an indemnity out of the relevant trust fund or estate for costs properly incurred. Whether costs were properly incurred depends on all the circumstances of the case including whether the trustee or personal representative (‘the trustee’) – (a) obtained directions from the court before bringing or defending the proceedings; (b) acted in the interests of the fund or estate or in substance for a benefit other than that of the estate, including the trustee's own; and (c) acted in some way unreasonably in bringing or defending, or in the conduct of, the proceedings. 1.2 The trustee is not to be taken to have acted for a benefit other than that of the fund by reason only that the trustee has defended a claim in which relief is sought against the trustee personally.”