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What is an example of discretionary trust?

Let us look at this discretionary trust example to understand the concept better. Suppose John has an adult daughter with a history of mismanaging her finances. He could set up such a discretionary trust to ensure that his daughter keeps receiving funds from his estate without giving her free reign over the assets.

What is a discretionary trust in Canada?

A discretionary trust grants trustee(s) discretion to allocate the trust property among a number of beneficiaries. Family trusts are usually set up as a discretionary trust.

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.

What is a discretionary trust form?

The Discretionary Trust enables you, and after your death your trustees, to appoint the plan benefits in favour of any of the trust beneficiaries, although if the appointment is in favour of your spouse or civil partner, it must be made by the trustees.

What are the disadvantages of a discretionary trust?

They are a considerable responsibility for the trustees to take on and careful consideration should be given to who to appoint. Discretionary trusts could also result in disgruntled relatives who may not understand why they are not automatically entitled to receive money from the estate.

discretionary trust example

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Can I set up a discretionary trust?

When Can I Set Up A Discretionary Trust? You can set it up during your lifetime, or write it into your Will to come into effect after your death. If you set it up while youre still alive, be aware that it may be liable for inheritance tax if you die within 7 years.

What does discretionary mean in a trust?

A discretionary trust is a trust that contains a provision giving the trustee discretion to pay to the beneficiary only so much of the income and principal of the trust property as the trustee sees fit.

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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What is an example of discretionary trust?

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Can I set up a discretionary trust?

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