Alpha Wealth Glossary of Terms
This glossary defines the terms commonly used in the stewardship and organisation of family wealth. It provides a shared language for families, advisers and future generations, supporting clarity, continuity and thoughtful long term planning.
A
Asset Allocation
Asset allocation refers to how family wealth is arranged across areas such as business interests, property, financial holdings and philanthropic commitments. It reflects priorities and long term intentions. In practice, it concerns balance and structure rather than selecting specific investments or financial products.
Asset Holding Structure
An asset holding structure is the legal and organisational arrangement through which assets are owned and managed. This may include companies, trusts, partnerships, foundations or personal ownership. Its purpose is to provide clarity, continuity and stable oversight. It sets the framework for how decisions are made over time. See also: Ownership Structure.
Asset protection refers to the lawful organisation of how assets are held so that they are clearly documented, well managed and prepared for transition across future generations. It focuses on establishing stable arrangements, defined responsibilities and continuity through changing circumstances.
B
Beneficiary
A beneficiary is a person or organisation who may receive benefit from a trust, foundation, will or estate. The nature of their entitlement is set out in the governing document. Executors or trustees act in accordance with those terms and the law when administering arrangements for beneficiaries.
Board of Directors
A board of directors is the group responsible for overseeing a company’s direction and governance. Directors have duties to act with care and to promote the success of the company in good faith. In a family context, the board may include family members, independent professionals or both, supporting continuity and clear decision making.
Business Succession
Business succession is the planned transition of leadership or ownership of a family business from one generation to the next. It involves preparing successors, defining responsibilities and supporting continuity of purpose.
C
Capital
Capital refers to financial and business assets held within family arrangements, such as company interests, property or investment portfolios. It is managed within ownership and governance frameworks to support long term organisation.
Capital Stewardship
Capital stewardship is the responsible oversight and care of assets held within family arrangements. It focuses on clear responsibilities, thoughtful governance and continuity across future generations.
Charitable Foundation
A charitable foundation is an organisation established to hold and apply assets towards defined charitable purposes. It may support cultural, community or philanthropic commitments that reflect family values.
Continuity
Continuity refers to the preservation of purpose, organisation and cohesion as a family moves from one generation to the next. It focuses on maintaining alignment and clarity as circumstances and individuals evolve.
Corporate Governance
Corporate governance refers to the structures and processes through which a company is directed and overseen. It establishes accountability, decision making procedures and long term organisational stability.
D
Deed (Trust Deed)
A trust deed is the document that establishes a trust and defines its terms, powers and administrative provisions. It guides the trustee’s responsibilities and the scope of the trust.
Discretionary Trust
A discretionary trust is a trust in which decisions about benefit and timing are made by the trustee within the discretion granted by the trust deed. It allows flexibility as circumstances evolve.
Distribution Policy
A distribution policy sets out how and when funds or benefits may be distributed from a trust, foundation or family entity. It provides clarity and consistency in decision making.
E
Estate Planning
Estate planning refers to arranging how wealth and responsibilities will be managed and passed on. It typically involves wills, ownership structures and governance considerations.
Executor
An executor is the person appointed in a will to administer the estate of the person who has died. They ensure the will is carried out according to its terms and the law.
F
Family Charter
A family charter is a written statement of shared principles, expectations and values for how the family approaches decisions and responsibilities. It supports unity and continuity.
Family Constitution
A family constitution is a more detailed document outlining governance structures, participation criteria and decision making frameworks. It helps maintain clarity and organisation across generations.
Family Council
A family council is a group of family members who meet to support communication, shared understanding and decision making within the family. It provides a forum for discussion and helps maintain cohesion across generations.
Family governance refers to the systems, agreements and forums that support shared decision making within a family. It helps maintain alignment and understanding as the family evolves.
A family office is a dedicated structure that coordinates the organisation of family wealth, administration, governance and long term planning. It may work alongside legal, accounting and investment professionals.
Fiduciary
A fiduciary is a person or organisation entrusted with responsibility for managing assets or making decisions on behalf of others, where they are expected to act with integrity and loyalty. Trustees, directors and certain professionals may carry fiduciary responsibilities.
Fiduciary Duty
Fiduciary duty is the obligation to act in the best interests of those to whom responsibility is owed. It requires acting in good faith, avoiding conflicts of interest, and exercising reasonable care and skill.
Foundation
A foundation is an entity established to hold and administer assets, commonly in civil law jurisdictions rather than as a distinct UK legal form. Its objectives and administration are defined in its governing instrument.
G
Generational wealth refers to assets, values and responsibilities that are intended to support both the present family and those who follow. It recognises wealth as more than financial resources, including knowledge, relationships and purpose. Its organisation supports continuity, maturity and long term planning across future generations.
Governance Committee
A governance committee is a group appointed to oversee how decisions are made within a family, trust or family office structure. It supports clarity, alignment and continuity.
Governance Frameworks
A governance framework is the set of principles, agreements and processes that guide how a family or organisation makes decisions together. It supports transparency, consistency and stability over time.
H
Holding Company
A holding company is a company established to own shares or interests in other companies or assets. It provides organisation, central oversight and continuity of control.
HNWI (High Net Worth Individual)
An HNWI is a person with significant financial resources, which may include business ownership, property portfolios and investment holdings. Their circumstances support structured planning, wealth structuring, professional advisory relationships and the long term organisation of family wealth. The term is commonly used in private client, fiduciary and family office contexts to describe individuals whose financial affairs benefit from thoughtful stewardship and clear governance.
I
International Banking Arrangements
International banking arrangements refer to holding accounts or financial relationships in more than one jurisdiction, often to support international lifestyles, business interests or family members living abroad. These arrangements are managed transparently and in coordination with recognised financial institutions and advisers.
International Family
An international family is a family whose members live, work or hold assets across more than one country. Their arrangements benefit from clear documentation to remain consistent across jurisdictions.
International Holding Company
An international holding company is a company established in a jurisdiction that supports the organisation, ownership and administration of family assets or business interests. It provides a central point of oversight and continuity, particularly where family members or assets are located in different countries.
International Structuring
International structuring refers to organising ownership and governance across more than one country. It ensures arrangements remain coherent and well coordinated across borders.
L
Letter of Wishes
A letter of wishes is a private, non-binding document that may accompany a trust or a will, offering guidance on how the person would like matters to be managed. It supports trustees or executors by expressing personal priorities and intentions.
P
Protector
A protector is a person or committee named in a trust deed with specific oversight powers. The role supports balance and continuity in trust governance.
Purpose Statement
A purpose statement is a clear expression of the overarching intentions guiding a family’s approach to its wealth, governance and future direction. It serves as a point of reference for decision making and long term alignment.
S
Settlor
The settlor is the person who creates a trust by transferring assets to be held by a trustee for the benefit of others. The settlor defines the trust’s purpose and terms at the point of creation.
Settlement
A settlement is the legal arrangement created when assets are transferred to trustees to be held on trust for beneficiaries. It may describe both the trust itself and the assets placed into it.
Stewardship
Stewardship refers to the thoughtful and responsible management of family wealth, values and relationships over time. It recognises that wealth involves responsibilities as well as benefits, and emphasises continuity, maturity and care across generations.
T
A trust is a legal arrangement in which a trustee holds and manages assets for the benefit of beneficiaries, according to the terms of a trust deed. It supports long term organisation and continuity of family wealth.
Trustee
A trustee is the person or organisation responsible for managing the assets held in a trust and carrying out the terms of the trust deed. The trustee administers the trust in accordance with the trust deed and applicable law, exercising good judgement for the beneficiaries.
Trust Governance
Trust governance refers to the systems and processes that support clear oversight, decision making and continuity in the administration of a trust. It maintains clarity of purpose across future generations.
U
Ultimate Beneficial Owner (UBO)
The ultimate beneficial owner is the individual who ultimately owns or controls an asset or entity, regardless of the legal form used to hold it. This term is used to ensure clarity and transparency in ownership.
UHNWI (Ultra High Net Worth Individual)
A UHNWI is a person with a substantially higher level of financial resources than an HNWI, often involving broader business interests, property portfolios held across jurisdictions and multi-generational considerations. Their arrangements typically involve wealth structuring, family governance, succession planning and coordinated advisory support to maintain clarity, continuity and purpose across future generations.
W
Wealth Preservation
Wealth preservation refers to maintaining family resources in a way that supports the present while preparing for the future. It involves structure, responsibility and organisation across time.
Wealth structuring refers to the organisation of how assets are owned and overseen through trusts, companies, foundations or other recognised arrangements. It supports clarity, continuity and thoughtful long term planning.
Will
A will is the legally binding document that sets out how a person’s estate is to be managed and distributed after their death. It appoints one or more executors to carry out its instructions and may also express preferences regarding guardianship, personal possessions and other matters of importance to the individual.