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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 discretionary trust is unique in that the trustee has discretion on all particulars as regards to the payment of income or capital to the beneficiaries. The distinction is important in law as it can affect the extent to which a beneficiary of such a trust may be able to make demands upon the trustee.