Flexibility is an inherent feature of discretionary trusts. However this makes it difficult to provide a certain outcome in the way in which assets in the trust are dealt with after death. If there are substantial assets in a trust, clients may want the trust to continue after their death for the benefit of the next generation rather than the assets being sold off or distributed on death, particularly where they have built up significant family businesses in a trust structure.
This paper considers some practical strategies to deal with these and other issues – with a focus on issues arising with traditional family discretionary trusts.
This publication is for information only and is not legal advice. You should obtain advice that is specific to your circumstances and not rely on this publication as legal advice. If there are any issues you would like us to advise you on arising from this publication, please let us know.