A discretionary trust is a legal document, which if correctly drafted, creates a legal relationship between the “settlor”, the person setting up the trust, the “Trustees”, the individuals selected to manage the trust, and the “beneficiaries”, the persons for whose benefit the trust was created.
The Trust deed and/or a “letter of wishes” will set out the instructions for how the trustees are to manage the trust assets. In practice, we see them most commonly used by parents who wish to ensure provision for a child who is not capable of managing their own affairs.
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