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Discretionary Trust Wills

A Discretionary Trust is a flexible trust which enables you to name several possible beneficiaries and give your Trustees the discretion as to who receives what, when and how. This can be a very useful tool if you have beneficiaries who are young, or beneficiaries with differing needs, a beneficiary who has alcohol, drug or gambling problems, a beneficiary whose spouse you do not like… the list goes on.

Within a Discretionary Trust, your Trustees can decide whether anyone should receive any money and when. The Trustees have the discretion to pay income to beneficiaries or to delay any payments for a number of years (up to a maximum of 125 years).

A Discretionary Trust can be set up during a lifetime or in a Will depending on your specific circumstances and what you aim to achieve. However, there are very complex rules as to lifetime trusts and there can be tax implications for lifetime trusts, so it is essential to ensure professional advice is taken.

A Discretionary Trust can also be a way of safeguarding assets for future generations. You may write your Will at the age of 60 when you have children in their 30's and very young grandchildren. However, if you died at the age of 90 then your children in their 60's may be very comfortable and have no need for the inheritance. Instead, your Trustees could use their discretion to allow the monies to skip the older generation and pass to the grandchildren and even pass tax-free.

Discretionary Trusts are a great way of trying to ensure your wishes are met in ever-changing circumstances. However, they are very complex and there can be tax implications depending on your estate so it is essential to take professional advice before entering into any form of Trust. Give our expert team a call for more information – Doncaster 01302 341414 or Sheffield 0114 272 1884

For more information, why not click the links below or download one of our helpful guides

Alternatively, give us a call on 01302 341414 (Doncaster) and 0114 272 1884 (Sheffield) and our friendly team will be happy to have a chat with you.

There are lots of different types of Wills. Our team can advise you all about:

Discretionary Trust Will

For advice about the different types of Wills, call our team today

01302 341 414 0114 272 1884
Wills, Probate and Trust Team Lead by Partners, Stephen Coates and Lauren Smith our Wills, Probate and Trusts team will help you plan for the future and protect your assets Meet the team

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Wills, Probate and Trusts Team

If you are looking for legal experts to help you with your Wills, Probate or Trusts needs, our team will give you a call back at the earliest opportunity. Alternatively, you can call our Doncaster office on 01302 341414 or our Sheffield office on 0114 272 1884
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