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Zurich Discretionary Trust Deed Form
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People also ask
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What happens to money in a discretionary trust?
The capital assets can be retained and used to generate an income for the beneficiaries. If a discretionary trust is set up during the settlor's lifetime, the assets within that trust may fall outside their own estate if they die at least seven years after putting the assets into the trust. -
What are the downsides of a discretionary trust?
Beneficiaries left out may feel aggrieved. Loss of control. The trustees can ignore the settlor's wishes. Trusts can be costly to set up and run. As with all trusts a discretionary trust needs to be properly administered. -
What is a discretionary trust deed?
The Discretionary Trust deed – this is the legal document that creates the trust. The settlor and the trustees must sign it. It names the parties involved, says what roles they have, and gives details of the life policy which is being put into trust. -
What is the major disadvantage of a trust?
The major disadvantages that are associated with trusts are their perceived irrevocability, the loss of control over assets that are put into trust and their costs. In fact trusts can be made revocable, but this generally has negative consequences in respect of tax, estate duty, asset protection and stamp duty. -
What are the drawbacks of a discretionary trust?
Beneficiaries left out may feel aggrieved. Loss of control. The trustees can ignore the settlor's wishes. Trusts can be costly to set up and run. As with all trusts a discretionary trust needs to be properly administered. -
Who owns the money in a discretionary trust?
flexibility and control – the trustees have the flexibility to adapt distributions ing to the needs of the beneficiaries. asset protection – assets held by a discretionary trust are not owned by the beneficiaries meaning it allows for passing down wealth to future generations. -
Should I set up a discretionary trust?
If flexibility is important to you, a discretionary trust may be the best option. It provides asset protection in that it can prevent a beneficiary's creditors from accessing key assets. Therefore, if a business goes bankrupt, creditors won't be able to touch any property held in the discretionary trust. -
Who is the owner of a discretionary trust?
A discretionary trust addresses the relationship in which one person legally owns an asset for the benefit of another person or set of persons. The person who legally owns the asset is called the trustee, and the person or persons for whose benefit the asset is held is called a beneficiary.
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