ABSTRACT
Owing to the nature of the fiduciary relationship of trustees, a duty is imposed on them to keep proper accounts for the trust. In pursuance of this objective, the trustees may employ an agent (an accountant) to draw up the trust accounts. The beneficiaries are entitled to inspect the accounts but if they need copies they are required to pay for these from their own resources. Where there is a succession of beneficial interests, the accounts should differentiate between income and capital. The income beneficiaries would be entitled to inspect the ‘full accounts’. The remainderman is only entitled to information relating to the ‘capital accounts’.
