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Discretionary trusts are usually sub-divided into two types: exhaustive, where the trustees must distribute all income accruing to the trust fund; and; non-exhaustive, where the trustees have an express power to accumulate income.
Discretionary trusts, however, are where the trustee has discretion over his actions, although he is obliged to act. The advantages of discretionary trusts are that they provide flexibility, and that the beneficiaries hold no claim to the property; as such, they cannot seek to control it, and it cannot be claimed for their debts.
Notwithstanding such broad terms, however, the UTC generally requires trustees to exercise such discretionary powers in "good faith and in accordance with the terms and purposes of the trust and the interests of the beneficiaries." [51] Prior to the UTC, cases such as Lineback by Hutchens v.
A discretionary investment account is one in which your broker can make trades independently, or at their own discretion, without seeking your approval first. A non-discretionary investment ...
Discretionary trusts are trusts which require that the trustees exercise their powers, in the same way as a fixed trust, but allow some discretion in how to do so, in a similar manner to mere powers. Since trustees hold the discretionary power to choose how to act under an established boundary set out by the settlor of a trust, evidential ...
There are two types of living trusts in South Africa, namely vested trusts and discretionary trusts. In vested trusts, the benefits of the beneficiaries are set out in the trust deed, whereas in discretionary trusts the trustees have full discretion at all times as to how much and when each beneficiary is to benefit.
The difference between discretionary and non-discretionary accounts is critical, but very few individual investors even know this difference exists. The biggest difference is that with a ...
What is discretionary spending vs. mandatory spending? Mandatory spending, also called non-discretional spending, is just that – spending that is mandatory. Items in this category might include ...