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Discretionary Trust declaration form - Ageas Protect 2026

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The document is a Discretionary Trust declaration form provided by Ageas Protect, which allows individuals to place specific life insurance policies into a discretionary trust. It outlines the process for establishing the trust, the roles and responsibilities of the settlor and trustees, and the implications for beneficiaries. The document emphasizes the importance of professional advice before completing the form and details how benefits will be managed and distributed under the trust's terms.

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Click ‘Get Form’ to open the Discretionary Trust declaration form in the editor.
Begin with Section A: Definitions. Familiarize yourself with key terms such as Settlor, Trustees, and Potential Beneficiaries to understand your responsibilities.
Move to Section B: The Trust Provisions. Carefully read through the clauses regarding the discretionary powers of appointment and distribution of assets.
In Section C: The Declaration of Trust, fill in the cover reference and type, along with the full names and addresses of all policyholders and trustees.
List potential beneficiaries in the designated area, ensuring you include any specific exclusions as needed.
Finally, ensure all signatures are collected from the Settlor(s) and Trustees, along with independent witnesses where required.

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What is a discretionary trust form?

A Discretionary Trust is a legal arrangement which allows the owner of a life policy (the settlor) to give their policy to a trusted group of people (the trustees), who look after it. At some time in the future they pass it on to some people from a group that the settlor has decided (the beneficiaries).

When should you use a discretionary trust?

Besides using insurance covers to protect your wealth, a discretionary trust helps to keep creditors away from your properties and investments. Any property or asset under a discretionary trust is held in trust for the current or future benefit of the beneficiaries.

What are the downsides of a discretionary trust?

What are the disadvantages of discretionary trusts? Discretionary trusts can be complex, requiring trustees to understand trust and tax laws. Not all potential beneficiaries are guaranteed to benefit, as trustees have discretion over who receives benefits and how much.

Who owns the money in a discretionary trust?

By placing the assets in a Discretionary Trust, the assets remain under the control of appointed Trustees and not the beneficiary. This means that a beneficiary who is incapable of managing their own affairs would have any inheritance managed on their behalf by the Trustees.

What is the purpose of a discretionary trust?

Discretionary trusts are sometimes set up to put assets aside for: a future need, like a grandchild who may need more financial help than other beneficiaries at some point in their life. beneficiaries who are not capable or responsible enough to deal with money themselves.

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How to write a discretionary trust?

The first step in setting up a discretionary trust is to draft a trust deed, setting out the terms of the trust, the settlors wishes, the chosen beneficiaries, and the appointed trustees. The trust deed guides the trustees in managing the trust income and assets according to the settlors intentions.

How do I know if a trust is a discretionary trust?

Discretion is the right or ability to make a judgment or decision. A discretionary trust therefore is one where the trustee, commonly a private family controlled company, enjoys the freedom to make choices over the control and allocation of assets and income, for the benefit of the beneficiaries.

What is the difference between an absolute trust and a discretionary trust?

If an absolute beneficiary dies the trustees have to look at the will or follow intestacy rules to see who will then benefit. Under a Discretionary trust, its up to the trustees to decide who will benefit and when they will benefit from the trust fund.

Discretionary Trust declaration form - Ageas Protect 2026

Here's how it works

How to use or fill out Discretionary Trust declaration form - Ageas Protect with our platform

See more Discretionary Trust declaration form - Ageas Protect versions

Complete this form in 5 minutes or less

Got questions?

What is a discretionary trust form?

When should you use a discretionary trust?

What are the downsides of a discretionary trust?

Who owns the money in a discretionary trust?

What is the purpose of a discretionary trust?

Security and compliance

Complete this form in 5 minutes or less

People also ask

How to write a discretionary trust?

How do I know if a trust is a discretionary trust?

What is the difference between an absolute trust and a discretionary trust?

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