What is a Discretionary trust?
A Discreionary Trust is a type of Trust where there are a group of beneficiaries. The beneficiaries can either be specifically named or can be referred to by description such as ‘children’ or ‘spouse’. The beneficiaries have the potential to benefit from the Trust at any time during the lifetime of the Trust. This is normally 125 years as this is the maximum that the trust is allowed to last in Law. The trust can be brought to and end much earlier than this by simply distributing the entire fund between the beneficiaries.
For further information contact one of our offices today.