Quilter 21 How do I set up the discounted gift trust – discretionary version? Complete the Discounted Gift Trust application form for the Collective Investment Bond. Complete the trust deed ‘discounted gift trust – discretionary version’. The trustees will need to complete the discounted gift withdrawal authority which is included with the trust deed. We require the following: 1 2 3 4 We recommend that at least two people are named as lives assured so that the bond has an increased chance of remaining in force for the length of the trust. However, neither you nor your spouse/civil partner should be a life assured to ensure that the trust is effective in reducing your IHT liability. You will also need to complete the necessary form in order for us to obtain a general practitioner’s report . As the Settlor, you decide who you want to appoint as trustee – you are not automatically included as a trustee. You need to complete the Second Schedule of the trust deed to choose which type of withdrawals you require. Application form, which includes some medical questions. General Practitioner’s report authority, also included in the application. Trust deed. Withdrawal form. Payment of a cash sum into your bond (your premium) Tax Declaration and Confirmation of Verification of Identity.