Pay Online

Ashby de la Zouch

01530 412 167

Tamworth

01827 58391

Discretionary Trust Wills

 

What is a Discretionary Trust?

 

A Discretionary Trust is a type of trust that gives flexibility to the chosen trustees. Instead of making decisions when the Will is made, choices about who inherits what are deferred until after the death and are then taken by the chosen trustees. This gives flexibility to the trustees who can respond to the circumstances at the relevant time. All income and capital held in the Trust are distributed completely at the discretion of the trustees. The Trust includes a list of people who could potentially benefit, and the trustees then decide what assets to pass on to which beneficiaries.

 

  • The list of possible beneficiaries can include children or grandchildren who have not yet been born.

 

How do Discretionary Trusts work?

 

The trustees will consider the life circumstances of the beneficiaries. For example if they are at risk of suffering from addiction then it may not be beneficial for them to inherit large sums of money. If the beneficiary is not good at handling their finances, the trustees could choose to give them a monthly or annual income rather than a lump sum. The trustees have the ability to respond to changes in the beneficiary’s circumstances by making different choices as time goes on.

 

The trustees can also consider the tax rules at the time, and can make the most tax-efficient decisions by responding to any changes in the rules that have taken place since the Will was made.

 

What are the benefits of Discretionary Trusts?

 

Discretionary Trusts can be very useful for protecting those who may be vulnerable or who can’t manage their own finances. If a beneficiary has an illness or a disability that affects their capacity, assets held in trust for them can be used for their benefit without them becoming the legal owner of the assets. The trustees can use the trust fund to provide for the needs of the beneficiary.

 

When making a discretionary trust, it is important to choose trustees who you feel will respect your wishes. You can also leave a detailed letter to guide them in their decision-making.

 

Find out more about Wills here.

Find out more about Wills, Trusts and Probate here.

Request a call back from one of the team.

Make an enquiry.

Can we help?

Speak to an expert about discretionary trust wills.

* required fields

Wills, Trust & Probate

Simplifying Probate Applications: A Welcome Update from HMRC

In the realm of legal practices, especially in matters involving estate management and probate applications, the process has long been known for its complexity and the lengthy waiting times practitioners face.
Read Article
Wills, Trust & Probate

Estate Planning for Blended Families: Navigating Wills and Inheritance

Blended families have become increasingly common in today's society. This article aims to provide valuable insights and guidance for UK residents in such situations.
Read Article
Wills, Trust & Probate

When inheritance plans start leaking

With increasing rates of re-marriage and the resulting blended families, parents need to take action if they wish to protect inheritance for children from a previous relationship.
Read Article
Family Law

What are your plans for 2023?

Here are a few ways a solicitor can help you when you’re starting something new in 2023.
Read Article
Wills, Trust & Probate

How does the probate journey work?

When someone close to you dies, the grieving process is combined with the journey that personal representatives and executors must go on to deal with probate.
Read Article

HOW WE CAN HELP YOU?

 

Whatever your needs, assets or personal situation, we will listen to you and provide friendly and practical advice. Understanding your circumstances is the most important thing, so if you prefer to meet in person, by video link or something else - no matter where you are, we’re here to drive the change you need, or solve the problems you have.

Make Any Enquiry Request a Callback Get a Quote

Why Fishers?

 

We are experts at what we do, with knowledge, insight and action you can trust. We listen and take the time to understand you, your circumstances and needs. It's more than experience and skill, our team bring passion. We offer recommendations that bring the complex down to earth.

FIND OUT MORE

Latest News and Events

A Comprehensive Guide to Purchasing a House Without Viewing in the UK Thumbnail
Home, Property & Land

A Comprehensive Guide to Purchasing a House Without Viewing in the UK

Owning a property is a significant milestone, and the process usually involves a great deal of planning and research. However, in some cases, you may find yourself considering purchasing a house without viewing it first.
Read Article
A Comprehensive Guide to Purchasing a House Without Viewing in the UK Thumbnail
Home, Property & Land

A Comprehensive Guide to Purchasing a House Without Viewing in the UK

Owning a property is a significant milestone, and the process usually involves a great deal of planning and research. However, in some cases, you may find yourself considering purchasing a house without viewing it first.
Read Article
Simplifying Probate Applications: A Welcome Update from HMRC Thumbnail
Wills, Trust & Probate

Simplifying Probate Applications: A Welcome Update from HMRC

In the realm of legal practices, especially in matters involving estate management and probate applications, the process has long been known for its complexity and the lengthy waiting times practitioners face.
Read Article
Empowering Carers: New Rights Under the Carers Leave Act 2023 Thumbnail
Family Law

Empowering Carers: New Rights Under the Carers Leave Act 2023

In a significant move to support employees with caring responsibilities, we are delighted to reveal that from 6th April 2024, employees with carer’s responsibilities will be granted the statutory right to take carer’s leave
Read Article
Our clients are at the forefront of everything we do Thumbnail
Business & Workplace

Our clients are at the forefront of everything we do

Solicitor Parmveer Virdee talks about her positive experience returning to Fishers
Read Article
The Psychology of Mediating Disputes: Understanding the Human Element Thumbnail
Family Law

The Psychology of Mediating Disputes: Understanding the Human Element

Mediation is a crucial process in resolving disputes across the globe, and England is no exception. It is a method that harnesses the power of psychology to facilitate communication, negotiation, and ultimately, conflict resolution.
Read Article
12 Stages of Conveyancing – A First-Time Buyers Guide Thumbnail
Home, Property & Land

12 Stages of Conveyancing – A First-Time Buyers Guide

Buying your first home can be an exciting yet overwhelming experience. But do not worry, our dedicated conveyancing team are here to make it as smooth and stress-free as possible. Guiding you through each step, explore our comprehensive article as we wal
Read Article

 

Fishers Facebook Link

Fishers Twitter Link

Fishers LinkedIn Link

Fishers Youtube Link

Fishers Instagram Link

 

FISHERS SOLICITORS
Fishers is authorised and regulated by the Solicitors Regulation Authority, SRA number 48317. The Solicitors Code of Conduct can be found by clicking the logo.

 

 

Cookie Policy   |   Terms & Conditions   |   Privacy Policy   |   Sitemap

© 2024 Fishers Solicitors

Website Design Quiet Storm Solutions Ltd | Manage Cookie Settings