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DISCRETIONARY BYPASS TRUST (PILOT TRUST)Phoenix Wealth, PO Box 6274, Basingstoke, RG24 4DT. This document is a specimen discretionary trust that is suitable for use in conjunction with all Phoenix Wealth
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How to fill out discretionary bypass trust

01
Determine if a discretionary bypass trust is appropriate for your specific circumstances.
02
Understand the purpose of a discretionary bypass trust, which is to provide assets for the benefit of a surviving spouse while bypassing estate tax upon their subsequent death.
03
Consult with an estate planning attorney who can assist you in creating and drafting the necessary legal documents for the discretionary bypass trust.
04
Gather all relevant financial and personal information needed to accurately fill out the trust documents, including the names and contact information of trustees and beneficiaries.
05
Follow the instructions provided by your attorney to accurately complete the trust documents, ensuring that all necessary information is included and that any required signatures are obtained.
06
Review the completed trust documents with your attorney to ensure accuracy and to address any questions or concerns.
07
Execute the trust documents as instructed by your attorney, following all necessary legal formalities.
08
Consider informing the designated trustees and beneficiaries of the existence and purpose of the discretionary bypass trust, as necessary.
09
Regularly review and update the discretionary bypass trust as needed, taking into account any changes in personal or financial circumstances.

Who needs discretionary bypass trust?

01
A discretionary bypass trust is typically used by individuals or couples who have a significant estate that may be subject to estate tax.
02
Those who want to provide for a surviving spouse while minimizing estate tax liability may find a discretionary bypass trust to be a useful tool.
03
Additionally, individuals who have specific intentions for how their assets should be distributed after the death of the surviving spouse may opt for a discretionary bypass trust.
04
It is important to consult with an estate planning attorney to determine if a discretionary bypass trust is appropriate for your specific situation.
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A discretionary bypass trust is a type of trust that allows the trustee to distribute assets to beneficiaries as needed, rather than on a set schedule.
The trustee of the discretionary bypass trust is required to file the trust tax return (Form 1041).
To fill out a discretionary bypass trust, the trustee must gather all income and expenses for the trust, fill out Form 1041, and report any distributions made to beneficiaries.
The purpose of a discretionary bypass trust is to provide flexibility in the distribution of assets to beneficiaries, while also reducing estate taxes.
The trustee must report all income, expenses, and distributions made from the trust on Form 1041.
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