Everything in this area turns on the strength of the beneficiary's claim against the trustees and the trust property. The chapter begins with fixed trusts — the interests a beneficiary can hold, including life interests and the vested–contingent divide — and the proprietary rights that follow, from tracing property into third-party hands to the beneficiaries' collective power to end the trust. It then moves to discretionary trusts: the object's position before and after an appointment, the duties trustees owe when exercising their discretion, the limits of the court's supervisory role, and the breaches an object can challenge. Finally, it distinguishes powers of appointment from discretionary trusts, sets out the certainty of objects tests and the forms of uncertainty that defeat a trust, and closes with the personal and proprietary remedies available when trust property is misapplied.
