How to Change the Trustee of a Discretionary Trust?
A discretionary trust requires the trustee to make decisions based on the prevailing circumstances. But what about the situation in which the assigned trustee fails to fulfill his responsibilities or makes the wrong decision? Whenever you set up a discretionary trust in another jurisdiction, a trustee who does not reply on time can delay the decisions or lead to issues with local authorities. In such cases, changing the trustee is your go-to option. If you are a part of a discretionary trust, you can change the trustee in numerous ways. Our blog guides you through the basics of discretionary and the steps to change the trustee. What is an Offshore Discretionary Trust? A discretionary trust is a legal arrangement between the settlor (grantor or trustor), the trustee, and the beneficiaries. Unlike other forms of trust, the entitlements from this trust rely solely on the discretion of the trustee. Thus, the exact percentage of the payout is never defined in the trust deed for this type of...