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Generational is operating a limited controlled launch. We are carefully onboarding an initial group of families and adviser referrals.
Common questions about trusts and Generational
Trusts can feel complicated when you first encounter them.
These answers explain the main ideas, how Generational works and what to expect before and after setting up a trust.
01
Understanding trusts
A trust is a legal arrangement under which a trustee holds and looks after assets for beneficiaries under rules set out in a trust deed.
The three core roles are:● The settlor: the person setting up the trust.● The trustee: the person or company legally responsible for looking after it.● The beneficiaries: the people the trust may support.Lawyers, tax advisers, financial advisers and investment managers may also support the trust, but are separate from these three core roles.
Not usually.A will explains what should happen to your money, property and possessions after your death.A trust can provide a framework for assets to be held over time and for support to be considered as needs change. Families often use a will and a trust together.
Once assets are transferred to Generational as trustee, we hold and look after them under the trust deed.The settlor can explain their wishes, but cannot require Generational to make a particular payment or trustee decision.
A trust may create legal separation, but it cannot guarantee protection from divorce, creditors or court orders.Its effect depends on the circumstances and laws involved. Independent legal advice is essential.
02
Setting up a trust
Generational provides a draft deed prepared by an external trust lawyer.The standard deed-preparation cost is included in Generational’s setup fee.The external lawyer prepares the deed for Generational’s trust-creation process and does not advise you personally.
We strongly recommend that your own independent lawyer reviews the trust deed and explains its legal effect before you proceed.Your independent legal advice and any non-standard legal work are charged separately.
A trust can have tax consequences in more than one country.Before deciding whether the trust can proceed, Generational requires evidence that a qualified tax adviser has considered the proposed trust and the relevant countries.
Depending on the proposed trust, we may need information about:● Its purpose and the people involved.● The proposed assets and relevant countries.● How the wealth was built and where the assets came from.● The legal and tax advice received.Detailed information is collected through our secure process, not a public registration form.
No.Registering allows us to understand your interest. Generational must complete its checks and agree formally in writing before acting as trustee, but it reserves the right at any stage not to act.
03
Costs
Generational’s setup fee starts from £500.The final fee may be higher where the proposed trust requires additional risk assessment, compliance work (e.g. a prospective client is a PEP/HPI) or more complex administration.Independent legal advice, non-standard legal work and other professional costs are separate.
The setup fee includes:● Generational’s onboarding.● The required checks.● Setup administration, such as bank accounts, investment management accounts, internal systems, etc.● Preparation of a standard trust deed by an external trust lawyer.Your quotation will explain exactly what is included, how the work is divided into stages and when payment becomes due.
Your quotation will allocate the setup fee between clearly defined stages.If the trust does not proceed after work begins, Generational may retain the amounts allocated to completed stages and any approved, non-recoverable external costs. Any remaining balance will be refunded.Your statutory cancellation rights are not affected.
Our standard annual fee is 0.25% of the value of the assets we look after as trustee, subject to a minimum annual fee of £1,250.Fees for trusts above £5 million are agreed separately.
The annual fee covers the ongoing trusteeship and administration described in your written terms.Your written terms will explain what is included and how non-routine work and external professional costs are charged.
Fees may be higher where the people, assets or countries involved create greater risk, complexity or work.This may include additional checks, specialist work, reporting, administration or ongoing attention.Your initial fee is agreed in writing before Generational acts.
Separate fees may be charged by independent lawyers, tax advisers, investment managers, banks, platforms, custodians, valuers, third-party disbursements, courier costs, annual filing fees (where applicable) or other professionals.See our Commercial Terms for more information.
04
Existing advisers and investments
Potentially.Families may be able to continue working with advisers they already know and trust where the role remains appropriate.
Potentially.Generational must approve the investment manager and keep the appointment under review. We may require a change if the arrangement no longer meets the trust’s needs or our duties as trustee.
Possibly.The adviser or investment manager may remain the same, but account ownership, platform or custody arrangements may need to change when assets are transferred to the trustee.
The investment manager is responsible for the services it provides under its mandate.Generational remains responsible for deciding whether to appoint and retain the manager, monitoring the arrangement, investment performance, and meeting its duties as trustee.
05
Availability and next steps
We consider enquiries worldwide, but cannot act in every country.We first need to understand the people, assets, countries and laws involved.
We may be unable to proceed because of the people, assets, countries, complexity, legal or tax position, risk or work involved.
We review the basic information you provide.Where your enquiry may fit the service, we may contact you and invite you to share more information through our secure online process.
No fee is charged for submitting the public registration form.Fees only become payable under the written quotation and terms provided to you.
06
Ongoing trustees
We consider:● The trust deed.● The law.● Our duties as trustee.● The available information.● The circumstances at the time.We keep appropriate written records of trustee decisions.
Yes.Beneficiaries—or a parent, guardian or authorised representative where appropriate—can ask Generational to consider a request for support.A request does not guarantee a payment. Generational must consider it under the trust deed and its duties.
Generational considers relevant changes when making trustee decisions.The trust deed, the law and our trustee duties continue to govern what can be done.
You can speak to any member of the Generational team, contact us directly or use our published Complaints Procedure.
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