Beneficiaries of a Trust

(1) A beneficiary shall be identifiable by name or ascertainable by reference to a relationship to some person (whether or not living at the time of creation of the trust) or otherwise by reference to a description or to a class. (2) The terms of a trust may– (a) provide for the addition of a person as a beneficiary or the exclusion of a beneficiary from benefit under the trust; or (b) impose an obligation on a beneficiary as a condition of benefit under the trust. (3) Where a trust is in favour of a class of persons then, subject to the terms of the trust– (a) the class closes when it is no longer possible for any other person to become a member of the class; (b) a woman over the age of 60 years shall be deemed to be no longer capable of bearing a child; and (c) where the interest of the class relates to income, and no member of the class exists, the income shall be accumulated and retained 15 until a member of the class exists or the class closes. (4) A beneficiary may– (a) disclaim his whole interest under a trust; or (b) subject to the terms of the trust, disclaim part of his interest under a trust, whether or not he has received some benefit from his interest. (5) Subject to the terms of the trust, a disclaimer– (a) shall be in writing; (b) may be temporary; and (c) may, if the disclaimer so provides, be revoked in the manner and under the circumstances specified therein. (6) Where a beneficiary disclaims the whole or part of his interest under a trust, the like consequences shall apply under section 7(5) as if the trust were invalid with respect to that interest or that part.