Please contact one of our advisors on 020 7001 7770 or email info@hadleyswills.com

Trusts FAQ

What is property? +

Property is deemed to be the assets owned that are placed into the trust. This can include money, investments, land, buildings and artwork. The money and investments held within the trust are often referred to as the 'capital' or 'fund' of the trust.

What is a settlor? +

The settlor is the person who has established the trust and put property into it. Property can be put into the trust by the settlor when the trust is created or at a later date.

What is a trustee? +

The trustees are the legal owners of the property held in the trust. They are legally responsible for looking after the trust property for a particular purpose. The trustees administer the trust and make decisions regarding how the property held in the trust is to be used - e.g. loans to beneficiaries, absolute gifts, income to beneficiaries.

What is a beneficiary? +

The beneficiary is anyone identified within the trust who can potentially benefit from the property held in the trust.

There can be one or more beneficiaries, such as a family or a class of people; for example, the settlor's children. Each beneficiary can benefit from the trust as required, and this does not need to be equally. Trust solution frameworks put into place by us frequently use discretionary pilot trusts that are established during the settlor's lifetime with a £10 trust fund. This allows all trusts created by us to be used by clients during their lifetime and provides a greater level of flexibility.

These trusts hand a lot of power to the trustees. The trustees ‘discretion’ is used to decide how the trust is run, how to use the trust’s income and even to decide how the assets in the trust are distributed. We highly recommend a Letter of Wishes is put in place alongside the trust. This provides guidance to the trustees regarding how the settlor would like the trust assets to be handled.

For advice on wills, Trusts and Estate Planning Call us now on:
0207001770

or use the enquiry form below

jpg

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.