Discretionary trusts are the most flexible type of trust. No beneficiary is entitled to the income as of right. Instead, the settlor gives the trustees discretion to pay the income to one, some, or all of the nominated possible recipients.
This type of trust allows funds to be set aside even though it is not definite who will benefit from them.
Discretionary trusts may be useful as part of an estate plan.
Call us if you would like to find out more about this type of trust or would like help setting one up.