NEWSLETTER-2017

372 NEWSLETTER 2017 trust is intended or not. Secondly, certainty of subject matter requires a property to be subject to the trust, as well as the beneficial interest to be present. Thirdly, certainty of objects asks the question: “ Who are the beneficiaries of the trust? ” 4 Trust Powers A trustee wields powers within the trust, such as the power to invest 5 or to appoint agents. For instance, if a discretionary trust hold- ing a certain sum of money for such as the settlor’s descendants who require financial help, the trustee would have the power to invest the money to generate a greater income for the beneficiaries, i.e. the de- scendants. For such purpose, the trustee may appoint an agent 6 . Fiduciary powers of a trustee are valid but are unenforceable. In other words, the beneficiaries cannot enforce the exercise of such powers, but can ensure that the trustee considers such exercise. For example, a bequest that states “I give my shares in XYZ plc in the hope that Mrs. ABC (the trustee) uses the income of such shares to help my relatives,” would establish a fiduciary relationship between the relatives and Mrs. ABC, since the relatives cannot force Mrs. ABC to use her power under the trust to appoint 7 . Duties of a Trustee Trustees are, in general, not entitled to remuneration. When a beneficiary is entitled to an income from trust property, trustees have a duty to invest. Trustees also have a duty to provide information to the beneficiaries, but such duty is not absolute 8 . 4 Equity & Trusts, Iain McDonald &Anne Street, Third Edition, Oxford University Press, 2013, p. 25, 5 Trustee Act 2000, p. 3. 6 To appoint means to give in this context. 7 Please refer to the footnote above. 8 Equity & Trusts, Iain McDonald &Anne Street, Third Edition, Oxford University Press, 2013.