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Discretionary trusts are usually sub-divided into two types: exhaustive, where the trustees must distribute all income accruing to the trust fund; and; non-exhaustive, where the trustees have an express power to accumulate income.
Discretionary trusts and powers in English law are elements of the English law of trusts, specifically of express trusts. Express trusts are trusts expressly declared by the settlor ; normally this is intended, although there are situations where the settlor's intentions create a trust accidentally.
Discretionary trusts are trusts which require that the trustees exercise their powers, in the same way as a fixed trust, but allow some discretion in how to do so, in a similar manner to mere powers. Since trustees hold the discretionary power to choose how to act under an established boundary set out by the settlor of a trust, evidential ...
In a non-discretionary account, a broker has no independent authority to execute trades. They can only buy and sell assets at their client’s instructions and have a duty to do so at the best ...
The term "incentive trust" is sometimes used to distinguish trusts that provide fixed conditions for access to trust funds from discretionary trusts that leave such decisions up to the trustee. Inter vivos trust (or 'living trust'): A settlor who is living at the time the trust is established creates an inter vivos trust.
For Federal income tax purposes in the United States, there are several kinds of trusts: grantor trusts whose tax consequences flow directly to the settlor's Form 1040 (U.S. Individual Income Tax Return) and state return, simple trusts in which all the income created must be distributed to one or more beneficiaries and is therefore taxed to the ...
The difference between discretionary and non-discretionary accounts is critical, but very few individual investors even know this difference exists. The biggest difference is that with a ...
One way to evade the rule, therefore, is to create a trust that benefits a group of people but is confined to a purpose. The judgment of Lloyd LJ, given in R v District Auditor, ex parte West Yorkshire Metropolitan County Council, [12] seems to indicate that the test of certainty for Denley trusts is the same as for discretionary trusts. [13]