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The noun DISCRETIONARY TRUST has 1 sense: 1. a trust that gives the trustee discretion to pay the beneficiary as much of the trust income as the trustee believes appropriate. Familiarity information: DISCRETIONARY TRUST used as a noun is very rare.
This means that a creditor of the potential beneficiary cannot get access to the assets in the discretionary trust to help satisfy a debt owed to them by the beneficiary. This also means the trustee in bankruptcy of a beneficiary usually cannot access assets in a discretionary trust.