III.   Rights

A Beneficiary is a named or unnamed party at the time of the formation of the Trust who benefits or receives an advantage in Trust. A Beneficiary, by definition is an “interested party” in a Trust or Estate:

(i) A named Beneficiary is an agent (with the Trustee being the principal) and may be commissioned or non-commissioned; and

(ii) An unnamed Beneficiary is a creditor (with the Trustee acting as debtor) to whom the trustee owes basic duties arising by law, agreement or claim.

A Benefice is a gift granted by Trust under Deed and Title including both Rights and Obligations to certain Property.

A Benefit is a gift offered and elected to be accepted by Estate under the terms of the Deed and Will including both Rights and Obligations to certain Property. A Beneficiary under Estate may be a beneficiary or a Cestui Que Trust for whose benefit the Property is held by the Trustees of an Executor.

Unlike a Benefice, a Benefit requires the consent of the Beneficiary. Therefore, a Benefit cannot be conferred on one who is unwilling to receive it.

One who elects to accept a Benefit is bound to give effect to all the provisions of the Deed and Will of Estate by which it is granted and perform any burdens imposed therein, including the renunciation of any inconsistent rights or claims.

One who is offered a Benefit must choose between either accepting such Benefit or asserting some other claim against the testator’s Estate.

A Beneficiary of a Benefit that remains in the possession of money, property or some other benefit extended to them by the Deed and Will of the Estate automatically forms an election in favour of the Will, unless it is demonstrated that such acceptance is in ignorance of the operation of the Will.

An unconditional voluntary election to take under or against a will, made with knowledge of the facts and of the rights of the person compelled to elect and not induced by fraud or undue influence may not be revoked or set aside.

Money, property or some other benefit accepted by the beneficiary in ignorance of the will, its obligations does not indicate a making of a binding election in favour of the will, but fraud on behalf of the executors or administrators of the Estate.

The offer of a Benefit to a Beneficiary without disclosing such a Benefit is a condition of operation of a Will of an Estate is a fraud and deception voiding any obligations upon the Beneficiary.