Acting as a Trustee

Why has someone appointed a trustee?

A trust allows money, property or other assets to be held and managed for the benefit of someone else.
 

When a person includes a trust in their Will, they appoint trustees to look after those assets and make sure they are dealt with in the way they intended.
 

Will trusts are commonly used to:
 

• provide for a surviving spouse or partner while preserving assets for children or other beneficiaries;

• protect the deceased person’s share of an estate from future risks affecting the survivor, such as remarriage, financial difficulty or means-tested care costs;

• manage an inheritance for children until they reach a suitable age;

• support a vulnerable or disabled beneficiary; or

• give trustees flexibility where future family circumstances cannot easily be predicted.
   

Being appointed as a trustee is therefore an important role, but it does not usually mean you need to do anything now.
 

Do I need to do anything now?

Usually, no. A trust created by a Will generally only comes into effect after the person who made the Will has died and the estate has been administered.
 

Some trusts may never need to operate at all, depending on the circumstances at the time.
 

For now, it is simply useful to know that you have been appointed and to understand the general purpose of the trust.
 

What does a trustee do?

The exact responsibilities will depend on the type of trust involved, but trustees may need to:
 

• look after money, investments or property held in trust;

• keep trust assets separate and properly recorded;

• consider the needs and interests of the beneficiaries;

• make decisions with any other trustees;

• follow the terms of the Will or trust;

• obtain legal, tax or financial advice where appropriate;

• deal with any registration or reporting requirements; and

• distribute assets when the trust allows.
   

Trustees must act properly and in the interests of the beneficiaries.
 

Will I have to manage everything myself?

No. You are not expected to become an expert in trusts simply because you have been appointed.
 

Professional advice can be obtained when the trust comes into effect, and trustees can usually take advice on legal, tax, investment and administrative matters where needed.
 

The important thing is that trustees understand their responsibilities and make decisions carefully.
 

Why might a Will trust be useful?

A Will trust can give someone much more control over what happens to their estate after death.
 

For example, a person may want their spouse or partner to continue benefiting from a property during their lifetime while ensuring that their own share ultimately passes to their children.
 

Without that structure, assets left outright to a surviving partner may later form part of that person’s own estate and could be affected by future circumstances such as remarriage, changes to their Will, financial difficulties or care needs.
 

Trusts can also be useful where beneficiaries are young, vulnerable or may need help managing money.