Discretionary Trust Will

Watermelon83

Dear All,


Has anyone else been a discretionary beneficiary to a Will?


I have recently been given a copy of my late grandparents Will, where it states I am a discretionary beneficiary for the Tax Nil Rate Band Legacy and also the Residual Estate.


In laymen's terms - what does this actually mean. From doing some "googling", it would appear that this type of Will even though I am named as a beneficiary it is at the Trustees discretion as to whether I inherit. Is this the case?


Thank you in advance.

Keep_pedalling

That is basically correct. These type of trusts were used prior to the introduction of the transferable nil rate band, and anyone with a will like this in place really needs to do a new one.

Are both your GP deceased? Normally the trustees would wind up the trust after the death of the second spouse once all beneficiaries are over 18.

Watermelon83

Thank you. I thought so.


Yes both grandparents are now deceased. It does look though that my uncle (another beneficiary, although listed before me in the Will and who is also a trustee) can live at my grandparents property until his death if he wishes. I should imagine therefore that they will keep the trust in place for the foreseeable future.


Its all very complicated these things!


Thanks for your reply