Discretionary Trust of Residue

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A Discretionary Trust of Residue is a type of trust that can be established to hold the remaining assets of an estate after specific gifts have been distributed. This type of trust is created in a person's will and comes into existence after their death.

In a Discretionary Trust of Residue, the assets are held by the trustees who have the power to distribute them to the beneficiaries at their discretion. The beneficiaries of the trust may be named in the will, or they may be left to the discretion of the trustees.

One of the main advantages of a Discretionary Trust of Residue is that it allows the settlor to provide for their beneficiaries while retaining a degree of control over how the assets are distributed. The trustees can make decisions about how and when the assets are distributed, which can be particularly useful in cases where the beneficiaries are not able to manage their own financial affairs, or where there are concerns about their ability to manage money responsibly.

Another benefit of a Discretionary Trust of Residue is that it can be used to protect assets from various risks, such as creditors, bankruptcy, and divorce. This is because the assets are owned by the trust, rather than the beneficiaries, and are therefore not subject to the same risks as if they were owned outright.