...

I read this as meaning a "gift". Something that is done in a "discretionary" way means that it is done as a result of the actor's free will. "Discrecion" is used in Spanish in a similar way (e.g., Les dio pan a discrecion. = He gave them as much bread as they wanted.---here, the "will" in question is that of those *receiving* the bread).

This is my reading, in any event.

Suerte.

Permission for the undertaker to make his own decision or judgement. As sit pertain to law: "Discretion" > "judgement, choice" > "juicio, opción"
That is according to The American Heritege Spanish English Dictionary

Por el contexto dado lo veo como la libertad de acción del administrador.

realmente me resulta difícil encontrar una interpretación; quizás esta fórmula sirva o inspire algo más preciso

Es posible que aquí "discretion" se refiera a "discretionary trust".
O sea,
trust = fideicomiso
discretion = discretionary trust = fideicomiso discrecional

The basic concept of a Trust is that where for example property is transferred to a Trustee by a settlor in Trustfor a beneficiary, then equity will regard the beneficiary as the sole beneficial owner of thatproperty and will not permit the Trustee to enjoy it in any way. Not only will equity upholdthe Trust as against the Trustee but will also uphold the beneficiary’s status as a sole beneficial owner of a property against everyone else in the whole except a bona fide purchaser of the legal estate for value without notice.

A Discretionary Trust is where a Trustee is placed under a duty to distribute Trust property and income to such persons among a class of persons as they in their absolute discretion decide. A Discretionary Trust typically exists where the Trustee can decide whichbeneficiaries amongst a class of beneficiaries or further beneficiaries can be appointed and which amounts of income and capital can be distributed from time to time.

Me parece que se trata de esto.

Buena suerte,
Manuel
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discretionary account.
An account that allows a broker to access to a customer’s funds to purchase and sell securities or commodities for the customer based on the broker’s judgment and without first having to obtain the customer’s consent to the purchase or sale.
(Black’s Law Dictionary, 8th Edition, ISBN 0-314-15199-0)
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discretionary account
(Bolsa. Cuenta bursátil discrecional; se trata de fondos de un cliente en poder de un agente bursátil para que efectúe transacciones en bolsa de acuerdo con su criterio);

discretionary funds
(Finanzas. Fondos de colocación discrecional; se trata de fondos de un cliente en poder de un agente bursátil para que efectúe transacciones en bolsa de acuerdo con su criterio);

discretionary trust
(fideicomiso con amplios poderes en la administración de los bienes del beneficiario para impedir que éste los derroche).

[Alcaraz Varó-Brian Hughes: Diccionario de términos económicos, financieros y comerciales, Editorial Ariel, 3ª Edición, ISBN 84-344-0507-5]