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(Banking & Finance) a trust in which the beneficiaries' shares are not fixed in the trust deed but are left to the discretion of other persons, often the trustees
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|Noun||1.||discretionary trust - a trust that gives the trustee discretion to pay the beneficiary as much of the trust income as the trustee believes appropriate|
trust - something (as property) held by one party (the trustee) for the benefit of another (the beneficiary); "he is the beneficiary of a generous trust set up by his father"