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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.
Discretionary (Family) Trusts What is a Discretionary Trust? A trust is a relationship where a person (called the trustee) is under an obligation to hold property for the benefit of another person (the beneficiaries). In a discretionary trust (sometimes called a âfamily trustâ), the trustee has the power to determine which beneficiaries receive the property or assets from the trust and how much each is to receive. The discretionary power of the trustee is limited to a nominated class of beneficiaries that are outlined in the trust.