In this bitesize clip, Richard Dundee, Partner in our Private Client team breaks down the concept of a discretionary trust in simple terms.
A discretionary trust is a legal arrangement where a trustee holds and manages assets for the benefit of beneficiaries, but with the flexibility to decide how and when those assets are distributed. The trustee has the discretion, meaning they can choose which beneficiaries receive distributions, how much, and at what time. This flexibility makes it a popular choice for estate planning, providing a level of protection and tax efficiency. We'll explain how it works, its advantages, and why it's an important tool for managing wealth across generations.
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