Wealth and Succession Planning

Formation of Discretionary Trusts

Discretionary trusts are often deployed when the current owners of assets are unsure as to their precise intentions for the future. These Trusts can be created in lifetime or upon death and provide for a group of potential beneficiaries to be set out (either by name or description). Usually, a detailed letter of wishes will sit alongside the Trust, which sets out the broad concepts of your future intentions for the appointed Trustees to fulfil.

This type of trust offers flexibility and can be useful for deploying estate planning whereby assets are removed from your estate for inheritance purposes. They can also be utilised to potentially create a barrier between ownership of assets and thus avoid implications for your beneficiaries in the event of unforeseen personal or financial issues.