Part Three: Beneficiaries' Access To The Letter Of Wishes

This final essay in the mini-series on letters of wishes in discretionary trusts addresses the beneficiaries' access to the settlor's letter of wishes in two respects: (i) the beneficiaries' entitlement to disclosure outside of litigation (including the extent of the trustee's discretion in light of the settlor's expectation of confidentiality and the circumstances in which the trustee will be obliged to give disclosure); and (ii) disclosure to the beneficiaries in the litigation context.

(i) The beneficiaries' entitlement to disclosure outside of litigation

Beneficiaries are entitled to various information and documents in relation to the trust – including in relation to the value of the trust assets and the ways in which those assets have been dealt with – but they are not entitled to information or documents in relation to the trustee's reasons for exercising its discretion in a particular way or for choosing not to exercise its discretion.¹ It is a