Ok dude, basic summary:
* Cotterrell has two articles, right?
- Article 1: Power to the Beneficiaries. It is 'hidden' by the trust relationship, where it appears as though the Trustee (as they hold legal title) are the king shit of the trust relationship. But, according to Cott, they aren't. Its all hidden because the law has taken the social relationship (where the weaker party (B) is trusting the Trustee) and reversed it. It is because we are perceived as 'equal' before the law, but what we own (our assets) arent.
- Article 2: He kinda realises that his first article has been bagged to the shit, because there are charitable trusts (which he mentions towards the end of Article 1), and Quistclose, and those powers in week 12, that really grant the power to the Trustees. And now, because of our modern world, where the biggest, well-known trust is Superannuation, the Trustee's hold all this management expertise, and so discount the beneficiaries. The beneficiaries have become obsolete and are separated from the Trustees. Now, the Trustees hold all the power, and the beneficiary has none.
... Although he still thinks that the B's have the power... its just weakened and more difficult to enforce.
Would recommend reading Dobris (who also states that big trusts have wrecked the social, trusting nature of trusts, and the Trustee holds all the power), and possibly Voyce (but he just goes on about how women have no power).
Hope that helps... My brain is fried. Off to have a shower - yay! Procrastination!!