“Privy Council revolutionizes trust disclosure rights for beneficiaries”
The appellants sought disclosure of trust documents relating to two settlements administered by Rosewood Trust. The trustee refused to provide the documents or information about the trusts. The Isle of Man courts initially refused the application for disclosure.
Whether beneficiaries and objects of discretionary trusts have a right to disclosure of trust documents, and if so, what is the nature and extent of that right.
The court has inherent jurisdiction to supervise trustees and may order disclosure of trust documents to beneficiaries, but the right to disclosure is not absolute and depends on weighing various factors including the beneficiary's interest and reasons for seeking disclosure.
This case fundamentally reformed trust law by establishing a flexible, discretionary approach to beneficiary disclosure rights that balances competing interests. It remains the leading authority on trust disclosure in common law jurisdictions.
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OSCOLA Citation
Schmidt v Rosewood Trust [2003] UKPC 26, [2003] 2 AC 709
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