TRUSTS & POWERS

Question 1

WHAT ARE THE FIXED TRUSTS & DISCRETIONARY TRUSTS?

Answer 1

• Fixed trust : Settlor determines beneficial interests : ‘to trustees upon trust for my children AB & C in equal shares,’ or ‘ for A for her lifetime , then to B in remainder,
• Discretionary trust -Settlor delegates power to someone else. ‘I give property to my trustees upon trust for such of my children as my trustees /wife /brother etc shall choose’

Question 2

What are the Advantages of Powers?

Answer 2

• Flexibility/ tax planning
• Administrative v. Dispositive powers
• Power of appointment – is a dispositive power

Question 3

MUST CREATE MORE SLIDES

Answer 3

SOON