The definition of a discretionary trust is provided in s 3 of the Duties Act 2008 (WA):
(a) a trust under which the vesting of the whole or any part of the capital of the trust property, or the whole or any part of the income from that capital, or both —
(i) is required to be determined by a person either in respect of the identity of the beneficiaries, or the quantum of interest to be taken, or both; or
(ii) will occur in the event that a discretion conferred under the trust is not exercised;
(b) a trust that is, by regulation, declared to be a discretionary trust for the purposes of this Act,
but does not include —
(c) a trust that is solely a charitable trust; or
(d) a trust that is, by regulation, declared not to be a discretionary trust for the purposes of this Act.
Call us on 0421 145 637 to learn about the benefits of trusts in your circumstances.