I see that the trust can be set up as an Irrevocable trust, can it be set up as a Discretionary trust for the purpose of family planning like Belize where the beneficiaries can be named at a future time when? Thank you.
Yes, orienting the trust as discretionary is one of the many flexibilities afforded the superior Natural Law Trust design. In fact the standard theme is already discretionary in the way they are written.
Just please understand that at least one beneficiary must be named, to make the trust valid. That does not obligate you to make distributions to that beneficiary at any particular time, if at all. It just has to be named. It could be a charity or humanitarian project, and its directors do not even have to be notified that you have named them as a beneficiary. Or if you name a family member, that is fine too, but as I said, distributions are optional. The only time distributions would be mandatory is when you have written it into the trust as a commitment accordingly. This means you call the shots – – you make the decisions as to if and when distributions are made.
Belize is a friendly jurisdiction and members of our BIC administration have done business and held trusts there in the past, but trust arrangements there are inferior to the International Natural Law Trust (NLT) offered by BIC, because no matter how friendly the laws may be in Belize, trusts set up under those laws still make them statutory. The laws could always change next year, due to new legislation. By contrast, no law can ever change the freedom enjoyed by a NLT, because it isn’t subject to legislated statutes.