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Discretionary trusts are the most common trust method used in Australia, where the trustee is given complete direction as to how trust income is distributed to beneficiaries. [4] Family trusts are the typical discretionary trust, used to hold the personal or business assets of a family. [ 5 ]
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.
Finally, a trust may be created for a certain non-charitable purpose without an ascertainable beneficiary for a certain period (21 years, under the default rules of the UTC.) [91] The most common example of a trust for a specific non-charitable purpose is a trust for the care of a cemetery plot.
If the beneficiary is young or struggles with money management, often times, a discretionary trust is created. Some examples of this type of trust are special needs or spendthrift trust .
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 ...
Discretionary trust: In a discretionary trust, certainty of object is satisfied if it can be said that there is a criterion which a person must satisfy to be a beneficiary (i.e., whether there is a 'class' of beneficiaries, which a person can be said to belong to). In that way, persons who satisfy that criterion (who are members of that class ...
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 ...
Beyond the essential duty of loyalty and duty of care, the primary task occupying trustees will be to follow the terms of a trust document. [227] Beyond the rules set out to be followed in the trust document, trustees will ordinarily have some measure of discretionary power, such as in making investment choices on the beneficiaries' behalf, or ...
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