Our highly professional business team has a wide ranging experience of discretionary trusts and trust structures
Discretionary trusts give the trustees wide discretion to apply the income and capital of the trust assets for the benefit of the beneficiaries.
The most commonly used form of trusts in the Isle of Man and the offshore world are discretionary trusts which grant the trustees absolute discretion to benefit the beneficiaries from capital or income as the trustee thinks fit.
Discretionary trusts offer great flexibility and versatility.
They can be tailored to meet your specific requirements.
The appointed trustees have the wide discretion to manage the assets under trust, and to distribute any income and capital as they see fit.
The settlor may provide guidance as to how they wish the trustees to exercise their discretion, typically in the form of a ‘Letter of Wishes’, without compromising the absolute legal discretion of the trustees.
Discretionary trusts are often a useful tool in tax planning, though professional tax advice should be taken to ascertain the most tax efficient methods suitable to the circumstances of each individual case.
Discretionary Trusts | What we do
As professional lawyers we need to be familiar with your objectives, reasons why you want to use a trust, any concerns you may have, and the assets involved to help organise and set up the trust. We will assist you with the creation and onward administration of the discretionary trust and advise on the best way to maximise the benefits.
Talk to us today
If you need to talk to someone about discretionary trusts, then take the first step and email firstname.lastname@example.org or call us on 01624 639350 to arrange your free initial consultation with us today at our office, over the telephone or via video call.