The Trusts Act 2019 introduces a statutory presumption that trustees will make basic trust information available to every beneficiary or representative of a beneficiary. For the purposes of the Trusts Act:
“beneficiary means a person who has received, or who will or may receive, a benefit under a trust (other than a trust for a permitted purpose), and includes a discretionary beneficiary”
Accordingly, the classes of persons who can seek trust information are not limited to “current” beneficiaries.
Toogood v Fairfield Trustees Limited is an application for leave to commence a proceeding seeking the following information by way of originating application:
In Toogood the Court is satisfied (as noted at ) that “… it is appropriate to grant the applicant leave to proceed under pt 19. The disclosure that is sought is not wide-ranging and the dispute falls within a very narrow compass. The applicant will rely primarily on the statutory provisions in the Trusts Act for the relief sought.”
For a comprehensive consideration of disclosure of trust information pursuant to the Trusts Act 2019 see Trust Series 2021 – Disclosure under the Trusts Act and beyond.