Martin Was Made a Beneficiary of Some Shares Under a Trust

Martin was made a beneficiary of some shares under a trust. Martin issued a written statement to his trustees that he wished to transfer the whole of his interest under the trust to his sister, Ethel. The trustees have validly assigned the legal title to Ethel. Which of the following statements is correct in relation to the ownership of the shares?

A) Ethel is legally but not beneficially entitled.
B) Ethel is entitled as outright owner to the shares, holding both the legal and equitable interests.
C) Ethel has the legal interest in the shares, but the trustees hold the equitable interest on trust for her.
D) Ethel has the legal interest in the shares, but the trustees hold the equitable interest on trust for Martin.