So

discretionary trusts are an investment vehicle.

They can hold any... type of investment really, whether it's an investment property, whether it's shares in a passive company, shares in a trading company.

And they've been used for a long time given they provide asset protection because, for instance, through that vehicle you can control but not technically own the assets.

And it also allows you, as the name suggests, it's discretionary in that none of the class of beneficiaries have any entitlement or fixed entitlement to a particular distribution.

So from year to year, the trustee which holds the assets and on behalf of the beneficiaries can say, well, we made this much this year.

I'd like to distribute 25% to this person, 75% to that person.

What should be the focus?