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Discretionary Trusts: refers to Trusts in which the Trustee has discretion regarding the administrative and dipositive provisions of the Trust. Under discretionary trusts, the Trustee has discretion regarding the distribution of capital and income between beneficiaries. No beneficiary has the power to require the Trustee to distribute capital and/ or income. The Trust Deed of a discretionary trust establishes a class of beneficiaries that is defined by a class of persons born within the perpetuity period, although it may include corporations, charitable organizations and/or defined purposes. Generally, in a discretionary trust the power to appoint or remove beneficiaries is vested on the Trustee or on the Protector(s). Due to the extent of the administrative and dispositive discretions conferred upon the Trustee, the Settlor may provide the Trustee with a non-binding Letter of Wishes setting out his or her wishes on matters such as distributions, and the investment of the trust fund. The Trustee is obliged to consider such wishes, and will generally act in accordance with them, if they are reasonable and practicable in the prevailing circumstances.
Fixed Trusts: refers to Trusts where the dispositive provisions of the Trust in regards to the Beneficiaries are fixedly established. However, Trusts may be a hybrid between a Fixed Trust and a Discretionary Trust.
Purpose Trusts: a Trust, charitable or non-charitable in nature, created for a specific purpose that must be clear so that any time it is possible to state with certainty whether a proposed use of the assets subject to the Purpose Trust is within the scope of the object.