A trustee's resolution to pay or apply a proportion of the net value of a discretionary trust fund to a beneficiary, when confirmed by a court declaration, creates a vested beneficial interest (a fixed trust for distribution) in favour of that beneficiary, even where the trust assets have not been converted to money and no cash payment has been made. The quantum of the interest need not be a fixed dollar amount; it is sufficient if it is reasonably capable of being ascertained. Where corporate trustees of family discretionary trusts are controlled by persons in irreconcilable conflict with beneficiaries who hold vested interests, and those controllers have failed to account, entered into self-interested transactions, and excluded the beneficiaries from distributions and information, removal of the trustees is warranted.
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