ABSTRACT
The beneficiary principle is the concept that a private, express trust must be for the benefit of a beneficiary who the trustees can either ascertain or is at least ascertainable. In practical terms, this means that the settlor must settle property on trust for the benefit of an individual or individuals (or, on some occasions, a company1) who are sufficiently well defined so that the trustees can understand the identity of the people for whom they are administering the trust.
