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JGM
JGM, Solicitor
Category: Family Law
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Experience:  30 years as a practising solicitor. Partner in own firm.
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Can the settelor of a UK discretionary trust take the money

Resolved Question:

Can the settelor of a UK discretionary trust take the money back. They are currently also a trustee and hold proscribed consent. The trusts are around 20 years old and as far as I'm aware the wording of the trust is fairly standard.
Submitted: 3 years ago.
Category: Family Law
Expert:  JGM replied 3 years ago.
Thank you for your question.

Typically a discretionary trust is irrevocable so no, the settlor can't take the money back, trustee or not. If the settlor / trustee is also named as a beneficiary, the trustees may agree a payment to him if the payment is within the trust purposes.

I hope this helps. Please leave a positive response so that I am credited for my time.
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