What are Discretionary Trusts?

 

A discretionary trust, as the name suggest, ensures that the assets and any income belonging to the trust is managed and used entirely at the discretion of the trustees. The trust will name more than one beneficiary (referred to as a class of beneficiaries) and it is for the trustees to decide which beneficiaries will receive trust assets, whether this is income or capital payments or the right to live in a house owned by the trust. This means that a beneficiary cannot claim a right to any specific trust asset and those assets cannot be considered theirs for tax purposes or considered in a financial assessment for care fees.

 

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