A discretionary trust (also known as a Family Trust) is where the entitlements and trust property is not fixed to each beneficiary. In a discretionary trust, it is up to the trustee to decide the upon the portions of the trust property that each beneficiary receives.
In a discretionary trust you must have:
- A trustee
- A settlor
- Having an appointor is optional
This information is of a general nature only and does not constitute professional advice. You must seek professional advice in relation to your particular circumstances before acting.
Updated — Jun 4, 2018