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People also ask
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What is the downside of a discretionary trust?
Not all potential beneficiaries are guaranteed to benefit, as trustees have discretion over who receives benefits and how much. This may lead to some intended beneficiaries missing out.
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Why do people have a discretionary trust?
Discretionary Trusts are commonly set up to put assets aside for children and/or grandchildren for a future financial need or as a protective measure for a vulnerable family member who may be unable to manage their own finances.
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What are the benefits of a discretionary trust?
A discretionary trust separates ownership from control. Ownership by the trustee for the beneficiaries of the family trust keeps assets out of harm's way from any claims against a person. This is even where the person may, as director of the trustee company, control the trustee!
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How do you use a discretionary trust?
The settlor chooses the trustees and the beneficiaries, and can give the trustees guidance on how he/she would like the trust fund to be used via a letter of wishes. The beneficiaries - The people who can receive payment from the trust fund are called the beneficiaries.
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What is the difference between a trust and a discretionary trust?
An Non-discretionary provides that the trustees must pay trust income upon request to the beneficiaries, they are not in a position where they can refuse. With a Discretionary trusts the trustees have the option whether to make payment to the beneficiaries or not.
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What is a key advantage of a discretionary trust?
All capital and income is distributed completely at their discretion. This means there's more flexibility and assets can be protected if circumstances change for any reason.
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Who benefits from a discretionary trust?
A discretionary trust may have named beneficiaries but will frequently contain classes of potential beneficiaries such as children, grandchildren and/or other family members. The settlor will normally be a trustee to ensure that the trustees' discretionary powers are exercised in line with their wishes.
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Who can be beneficiaries of a discretionary trust?
A trust beneficiary can be a person, a company or the trustee of another trust. The trustee may also be a beneficiary, but not the sole beneficiary unless there is more than one trustee.
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What is the main difference between a unit trust and a discretionary trust?
Unit trusts allocate shares of income and capital to unit holders based on their fixed proportional entitlement. So if you own 25% of the units, you're entitled to 25% of the distributions. Discretionary trusts are different. The trustee gets to decide how to distribute the income and capital among the beneficiaries.
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What are the three types of trust?
Trusts can be broadly categorized into four main types: Living Trusts, Testamentary Trusts, Revocable Trusts, and Irrevocable Trusts. There are many different types of trusts you can choose from, and understanding how they are different can help you pick the right one for your needs.
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What is the difference between a trust and a discretionary trust?
An Non-discretionary provides that the trustees must pay trust income upon request to the beneficiaries, they are not in a position where they can refuse. With a Discretionary trusts the trustees have the option whether to make payment to the beneficiaries or not.
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How do you use a discretionary trust?
The settlor chooses the trustees and the beneficiaries, and can give the trustees guidance on how he/she would like the trust fund to be used via a letter of wishes. The beneficiaries - The people who can receive payment from the trust fund are called the beneficiaries.
-
What is the downside of a discretionary trust?
Not all potential beneficiaries are guaranteed to benefit, as trustees have discretion over who receives benefits and how much. This may lead to some intended beneficiaries missing out.
-
Who benefits from a discretionary trust?
A discretionary trust may have named beneficiaries but will frequently contain classes of potential beneficiaries such as children, grandchildren and/or other family members. The settlor will normally be a trustee to ensure that the trustees' discretionary powers are exercised in line with their wishes.
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Who can be beneficiaries of a discretionary trust?
A trust beneficiary can be a person, a company or the trustee of another trust. The trustee may also be a beneficiary, but not the sole beneficiary unless there is more than one trustee.
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What makes a trust a discretionary trust?
What Is A Discretionary Trust? A discretionary trust gives trustees the power to decide how much beneficiaries get from a trust and when they get it. All capital and income is distributed completely at their discretion.
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