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Changing the beneficiary of a trust
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TheEquilibrium
Posts: 7 Forumite
If you put money in a trust for a child with the child as beneficiary is it possible for the trustees to change the benificiary at a later date for example if the child falls out of favour. Can an additional beneficiary be added - for example another future child ?
The trust is a 'Discretionary Gift Trust'
It says "The trustees have absolute discretion to pay the benefits as they see fit"
I read that the trustee has power by deed to add beneficiaries but it is surrounded by legalise.
The settlor can't be a beneficiary
What is the position with other types of trusts, including older ones?
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'Discretionary Gift Trust'
Is the key not "discretionary"?
This type of thing?
https://www.pruadviser.co.uk/products/estate-planning/gift-trust/
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