A Discretionary Trust is a trust where the trustees have a degree of discretion as to which of the beneficiaries will receive any benefits, how much they will receive and when they will receive those benefits.
There are many advantages for using a trust for reasons such as in the unfortunate event of your death your personal representatives will need to obtain probate so that they have the authority to deal with your estate. This can be by way of granting probate (where a will was left), or by granting/issuing letters of administration (where no will was left (intestacy)). This process can often take time and even longer if no will was left. Since the trustees would be the owners of money (or life assurance policy) placed in trust they would not have to go through this process in order to make a claim.
Furthermore, the money that is paid out from the trust is not included within an estate for Inheritance Tax purposes and you can ensure that the proceeds are used as you intend. If you were to die leaving children under the age of 18, the trustees could use the trust to support your children without giving them full access to the money.
Please call us on 0207 183 0084 or email us on firstname.lastname@example.org for advice and assistance on setting up a trust.
Ayesha Leslie, Partner
Ola Leslie Solicitors
The contents of this page are intended for general information purposes only and shall not be deemed to be, or constitute legal advice. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of this page.
We are conveyancing solicitors, bridging finance / bridging loan solicitors, probate solicitors, wills solicitors, trust solicitors in Borough High Street, London Bridge, Southwark, (near Tooley Street, More Place, Union Street, Southwark Street SE1, Fleet Street, Shoe Lane & Chancery Lane) but also cover South West London, South East London, North London, North West London, West London, East London, South London, Waterloo, Canada Water, Surrey Quays, Balham SW11, Coldharbour Lane SW2, Acre Lane SW2, Brixton Hill SW2, Balham High Road, Fulham, Hammersmith, Parsons Green, Fulham Broadway, Fulham Road, Kings Road, North End Road, Old Brompton Road, King Street Hammersmith W6, New Kings Road, Brompton Park, Shepherds Bush Road, Acton Vale, Westfield, Putney High Street, Putney Bridge, Kent, Esher, Surrey, Essex, Suffolk, Canary Wharf, London Docklands, Isle of Dogs, Tower Hamlets, Battersea, Battersea Power Station, Battersea Reach, Shepherds Bush, Wandsworth, Wandsworth Town, Wandsworth Bridge, Old Kent Road, Maldon, Chelmsford, Chigwell, Acton, Ealing, Putney, Barnes, Purley, Redhill, Crawley, Croydon, Slough, Lambeth, Lewisham, Anerley, Penge, Westminster, Chelsea, Chelsea Harbour, Holloway, Angel, Old Street, Earls Court, Gloucester Road, Hyde Park, Clapham North, Clapham South, Clapham Common, Clapham Junction, Streatham Common, Norbury, Camberwell, Dulwich, Greenwich, Green Park, Wimbledon, Merton, Tooting, Streatham, Brixton, Norwood, Oval, Vauxhall, Cornwall, Plymouth, Isle of Wight, Maidstone, Orpington, Beckenham, Leyton, Leytonstone, Plaistow, Edmonton, Highams Park, Tottenham, Walthamstow, Bromley, Chessington, Tolworth, Esher, New Malden, Kingston, Molesley, Southfields, Parliament Square, Trafalgar Square, Charing Cross, Bank, St Pauls, Kings Cross, Euston, Surbiton, Coombe, Carshalton, Epsom, Cheam, Morden, Leatherhead, Woking, Crawley, Horsham, Haywards Heath, Windsor, Farnham, Farnborough Guildford, Dorking, Cobham, Rose Lodge Wood, Littleheath Common, Claremont Park, Keston, Keston Park, Bromley, Oxshott, Downside, Weybridge, Hersham, Addlestone, New Haw, Walton On Thames, Windsor, Esher, Rydens, West Wickham, Hayes, St Pauls Cray, Chelsfield, Pratts Bottom, Kent, Great Bookham, Claygate, Shepperton, Reigate, Cobham, West Sussex, Nationwide. Postcode areas include KT1, KT2, KT3, KT4, KT5, KT6, KT7, KT8, KT9, KT10, KT11, KT12, KT13, KT14, W1, W2, W3, W4, W5, W6, W7, W8, SW1, SW2, SW3, SW4, SW5, SW6, SW8, SW9, SW10, SW11, SE20, SE19, SE18, SE17, SE16, SE15, SE14, SE13, SE12, SE11, SE10, SE9, SE8, SE7, SE6, SE5, SE4, SE3, SE2, SE1, E14, E13, E12, E11, E10, CR1, CR2, CR3, CR4, BR1, BR2, BR3, BR4, BR5, BR6, SM1, SM2, SM3, SM4, SM5, SM6, SM7, SM8, GU1, GU2, GU3, GU4, GU5, GU6, GU7, GU8, GU9, GU10, EC1, EC2, EC3, EC4, EC4M, EC1A. We also act for clients who carry out property transactions in the UK but reside in other parts of the world for instance America (USA), Canada, Saudi Arabia, Dubai, Abu Dhabi, Nigeria, Lagos, Ghana, Kenya, Nairobi, Pakistan, Islamabad, Lahore, Afghanistan, Kabul, Iraq, Erbil, Iran, Tehran, Kurdistan, Tajikistan, Uzbekistan, India, Mumbai, Delhi, Bangalore, Kerala, Lebanon, Russia, Moscow, Greece, Athens, France, Paris, Spain, Barcelona, Germany, Hamburg, Australia, Holland, New Zealand, China, Tibet and Korea. Our lawyers can speak English, Yoruba, Dari, Romanian, Ghanaian, Urdu & Swahili.