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Legal Terms - Beneficiary Principle
The beneficiary principle refers to the legal notion that a trust must have identifiable beneficiaries who will benefit from the trust property.
The legal need for a trust to be considered valid is that there must be a human beneficiary who is capable of enforcing the trust, as established in the case of Morice v Bishop of Durham [1805] EWHC (Ch) J80. Exceptions to the beneficiary principle include charitable trusts and a select few purpose trusts known as "trusts of imperfect obligation." According to the ruling in the case of Re Denley's Trust Deed [1969] 1 Ch 373, it is established that indirect human beneficiaries fulfill the beneficiary principle.
The beneficiary principle refers to the legal notion that a trust must have identifiable beneficiaries who will benefit from the trust property.
The legal need for a trust to be considered valid is that there must be a human beneficiary who is capable of enforcing the trust, as established in the case of Morice v Bishop of Durham [1805] EWHC (Ch) J80. Exceptions to the beneficiary principle include charitable trusts and a select few purpose trusts known as "trusts of imperfect obligation." According to the ruling in the case of Re Denley's Trust Deed [1969] 1 Ch 373, it is established that indirect human beneficiaries fulfill the beneficiary principle.
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