Class Of Objects

Business, Legal & Accounting Glossary

Definition: Class Of Objects

Class Of Objects

Full Definition of Class Of Objects

The group of people eligible to be considered beneficiaries under a trust. For a fixed trust, the class of objects is identical to the set of designated beneficiaries. Where the trustees are accorded a discretion to select who will benefit under the trust, the class of objects may be wider than the (final) set of beneficiaries. This is because the trustees may choose to withhold the status of ‘beneficiary’ (and all that this entails) from certain members of the class of objects.

Following McPhail v Doulton (1971), the class of objects in any discretionary trust is determined by the ‘is or is not’ test, also known as the ‘any given postulant’ test.

See also: certainty of objects.

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Class Of Objects. Payroll & Accounting Heaven Ltd.
January 24, 2022
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Class Of Objects. Payroll & Accounting Heaven Ltd. (accessed: January 24, 2022).
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Definition Sources

Definitions for Class Of Objects are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 5th April, 2020 | 1 Views.