Discretion refers to the freedom of a person to make choices within the boundaries of their authority, as well as the quality of being cautious and considerate in what one says or does.
A discretionary trust is a type of trust agreement that grants the trustee the authority to administer the trust's assets and income based on their own judgment, as long as they act with prudence and common sense.
Prudence involves displaying foresight, caution, and discretion in one's actions. It implies being careful, measured, and avoiding careless or reckless behavior.
A legal standard used to determine the degree of care a reasonably prudent person would exercise in specific circumstances. Often crucial in tort cases, it helps to determine liability in scenarios involving potential negligence.
A hypothetical individual in society who exhibits prudent attention, knowledge, intelligence, and judgment for the protection of their own interests and the interests of others.
