A Discretionary Will Trust is a way of passing your estate on to those you wish to inherit on a discretionary basis. This means that you indicate in your Wills the people, or groups of people (e.g. children, grandchildren), that could potentially inherit your estate, but the decision as to who inherits what, and when, lies with your trustees. You would then provide your trustees with a letter of wishes outlining your preferences and guidance regarding the distribution of your estate.

The benefits of using Discretionary Trusts include:

• Flexibility: Because the trust is discretionary you are simply indicating who can potentially benefit from your estate. You are then able to advise the trustees, either verbally or in writing, how you would like your estate to be used, and you can change these preferences whenever you like as circumstances change.
• Control: Your trustees will have full control over your estate when you’re no longer here and will therefore be able to ensure that your estate is handled as you would have wished, and is used for the right reasons and not dwindled unnecessarily or lost in any future marital breakdowns your potential beneficiaries may experience. For example, they will be able to release funds to your children to assist with the cost of education, or hold onto funds if one of your beneficiaries is in an undesirable relationship.