Designing Discretionary Distribution Standards to Protect the Settlor, the Beneficiary and the Trustee
The wording of a discretionary distribution standard can have significant consequences, positive and negative, for the settlor, the beneficiaries, and the trustee. Discretionary language must be carefully tailored to meet a client’s objectives, and this requires a thorough understanding of the legal principles that govern the interpretation of a discretionary standard.
- Recognize the effect of savings clauses.
- Analyze enforceability of standard by beneficiaries and creditors.
- Explain with more clarity and understand how language is interpreted.
- Design appropriate private trustee removal provisions to preserve flexibility.
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