Also called the Discretionary Trust - settlor included
A trust that your client, the settlor, can benefit from, is created by means of a gift, where beneficiaries can be added to, and the trustees use their discretion to decide who may benefit from the trust and when. The beneficiaries cannot demand their rights from the trustees.
Upon death of the settlor, benefits of the plan are paid into the trust without the delay that would arise from the need to obtain a grant of probate/letters of administration.
Read about Probate Trusts
Brochure – Your guide to UK inheritance tax and trusts
Informer article - Types of discretionary trusts
Visit the Trustability Hub for useful support materials about trusts.
Access the new Trust Form Finder for forms to set up a trust. Additional items can be found in the Literature Library.