One of the mysteries of the English language finally explained.
A trust in which the number of shares of each beneficiary are not fixed by the settlor in the trust deed, but at the discretion of the trustees.
- ‘He was a beneficiary under a family discretionary trust.’
- ‘The powers that are conferred on the trustee, or manager, do not convert the unit trusts into discretionary trusts in the normal acceptation of that term.’
- ‘Trustees for a discretionary trust have what the name implies - the discretion to decide which children should receive capital income, and when.’
- ‘In a discretionary trust, a beneficiary has no right to any part of the trust property and the trustees have a discretion to apply the property for the benefit of a specified person or persons or classes of persons.’
- ‘Thereafter, there are discretionary trusts in favour of a class of beneficiaries which include the husband and wife.’
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