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 info@olaleslie.com
for advice and assistance on setting up a
trust.
Ayesha Leslie, Partner
Ola
Leslie Solicitors
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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
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