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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.
A revocable trust is a legal entity. It refers to a type of trust in which can be amended or revoked. The alternative to a revocable trust is an irrevocable trust. As the name suggests, an irrevocable trust is a trust that can't be revoked. If you have a trust agreement, it is one or the other. On the other hand a simple trust refers to a federal tax designation. The alternative to a simple trust is a complex trust. The tax designation of a trust can be a bit confusing but it is generally determined by how income generated by the trust is distributed.