At Cube Law Corporation, we understand that when establishing a family trust, a discretionary trust is usually the norm, granting the trustee complete discretion over the distribution of trust property, including the timing, form, amount, and recipients of the distribution. In contrast, in a non-discretionary trust, the trustee(s) are required to distribute trust property according to the specific terms outlined in the trust agreement.
What are the various types of trusts?
Various types of trusts are utilized for estate planning, such as Testamentary trusts, Spousal Trusts, Alter Ego Trusts, Joint Partner Trusts, and Disabilities Trusts. Since tax laws are continually evolving, seeking advice from a qualified solicitor or accountant is critical to comprehend the subtleties of a particular trust and guarantee it serves its intended function.
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