A ‘Discretionary Trust’ within the Will, which is set upon the death of the testator, allows their Estate to be held in Trust for a specified period and facilitates the procedure of leaving a specific gift or amounts of money to a beneficiary, whilst giving the ability to attach certain conditions to the bequest.
This Trust can be particularly useful when a beneficiary may:
- be disabled
- have additional needs or require care i.e. residential care
- have addictions i.e. alcohol, drugs or gambling
This Trust can give peace of mind that the Estate will be used for the benefit of the beneficiaries as only the trustees can distribute the funds in accordance with the stipulations outlined by the testator/testatrix.