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Discretionary trust |
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Discretionary trust In the context of mutual funds, refers to a mutual fund or unit trust whose management decides on the best way to use the assets without restriction to a specific type of security. In the context of trusts, refers to a personal trust in which a trustee has the power of decision as to how much income or principal each beneficiary receives. |
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| The possibilities include: a total discretionary trust, such as allowing trustees, within their discretion, to pay the income beneficiary trust income and/or trust principal; an inflation adjusted annuity trust; and a unitrust requiring fixed distribution of the trust corpus paid annually. Wilmington Trust provides directed and discretionary trust and custody services for more than 1,300 clients across a variety of qualified and non-qualified employee benefit plans, including defined benefit plans, defined contribution plans, profit sharing plans, money purchase pension plans, 403(b)s, 457s and Taft-Hartley plans, among others. Example 1: P, a parent, transfers $10,000 a year for 10 years to a discretionary trust for a child, C, and such descendants of C, which will terminate and distribute to C when C reaches age 35. |
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Discretionary trust