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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.
Where the discretionary trust is a testamentary trust, it is common for the settlor (or testator) to leave a letter of wishes for the trustees to guide them as to the settlor's wishes in the exercise of their discretion. Letters of wishes are not legally binding documents. Discretionary trusts can only arise as express trusts.
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 ...
A discretionary trust is a type of trust that can be established on behalf of one or more beneficiaries. The trustee who oversees the trust can use their discretion in determining when and how ...
In trust law, a bare trust is a trust in which the beneficiary has a right to both income and capital and may call for both to be remitted into their own name. Assets in a bare trust are held in the name of a trustee, but the beneficiary has the right to all of the capital and income of the trust at any time if they are 18 or over (in England and Wales), or 16 or over (in Scotland).
Continue reading → The post Simple Trusts vs. Complex Trusts appeared first on SmartAsset Blog. A trust can be a useful estate planning tool, in addition to a will. You can use a trust to remove ...
The provisions of a trust instrument will vary according to the type of trust, and the nature of the trust property. A bare trust over a single asset will characteristically have very few provisions. A discretionary trust over a mixed bag of investments will usually have far greater provisions regulation the exercise and management of the trust ...
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related to: discretionary trust vs bare