Discretionary Trusts (bottom of the table) Question is – what is meant by ‘the class of each type of beneficiary? Is it their relationship to the trustees? And are their DOB still required?
A Discretionary Trust will state in the Trust Deed that it is Discretionary with the class of each type of beneficiary found in the Trust Deed. For example for a Discretionary Family Trust Deed this is typically the “children of the settlor”. There is no need to collect the DOB for discretionary beneficiaries.