There are many different types of trusts that exist. A discretionary one is quite common. It's essentially an asset protection tool that allows for a grantor to appoint a trustee to make distributions. This type of trust is also different from other types of them in that beneficiaries can't demand withdrawals from or control it. There's no predetermined time frame for transferring the trust to beneficiaries either. These are only some of the pros and cons associated with discretionary lifetime trusts.
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