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What is a Trust




The Oxford Dictionary definition of a trust is:

‘An arrangement whereby a person (a trustee) holds property as its nominal owner for the good of one or more beneficiaries.’

But what does this mean?

A trust is a legal agreement in which a person (the ‘trustee’) has agreed to ‘look after’ the assets (‘property’) of a second person (the ‘settlor’) for the benefit of a third person (the‘beneficiary’).

Example: John has given Karen £50 to look after for her son Peter. By doing this, a trust has been set up with John as the settlor, Karen as a trustee and Peter as a beneficiary.

At Hadleys Wills and Estate, we provide tailored advice, solutions and a product for Client Asset Protection.

Inheritance Tax

Inheritance Tax is a tax on the estate (the property, money and possessions) of someone who's died.

Probate Services

Legal procedure followed after death to ensure that your Will is valid, and which gives the executors power to deal with your estate.

Will

A legal document which details a person's wishes for after they have died.

Lasting Power of Attorney - LPA

LPA is a way of giving someone you trust the legal authority to make decisions
on your behalf if you lack mental capacity at some
time in the future or no longer wish to make decisions for yourself.