WillowThe role of a Trustee: what they do and how it differs from an Executor
Not every Will needs a Trustee. Plenty are straightforward enough that an Executor simply carries out the instructions and the job is done. But the moment your Will holds something back rather than handing it over outright — money for a child until they are old enough, a share for someone who cannot yet manage it, an ongoing arrangement rather than a one-off distribution — you need a Trustee. This guide explains what the role actually involves and how it differs from being an Executor.
We introduce every role within a Will briefly in our overview guide to roles within Wills. This guide goes deeper into what being a Trustee actually involves.
What is a Trustee?
A Trustee is someone who holds and manages assets on behalf of another person, according to the terms set out in a Will or trust document, rather than owning those assets for their own benefit. The person the assets are held for is called the beneficiary. The Trustee has legal control of the money or property, but a duty to use it only in the way the Will or trust sets out, and only for the beneficiary’s benefit.
This shows up in a Will in a few common situations, including a gift to a child under 18 that has to be held until they reach a set age, a discretionary trust where Trustees are given some flexibility over how and when assets are distributed, and an arrangement where one person benefits for a period of time before the assets pass to someone else.
How is a Trustee different from an Executor?
An Executor’s job has a clear end point. They administer the estate, pay any debts and tax, and distribute what is left according to the Will. Once that is done, the role is finished.
A Trustee’s job can run for years. If a Will places money in trust for a child until they turn 21, the Trustee is still responsible for that money for as long as it takes the child to reach that age, making decisions about it along the way rather than simply handing it over once.
In practice, the same people are very often appointed to both roles. They administer the estate as Executors first, and then, if the Will calls for it, continue on as Trustees for however long that part of the arrangement lasts.
What does a Trustee actually do?
The specifics depend on what the Will or trust says, but the core responsibilities are fairly consistent.
- Hold the assets safely and separately, never mixing trust money with their own.
- Act in the beneficiary’s best interests, not their own, and avoid any conflict of interest.
- Invest prudently where money is held for any length of time, under duties set out in the Trustee Act 2000.
- Use powers of maintenance and advancement where appropriate. Under the Trustee Act 1925, Trustees can generally use trust funds for a young beneficiary’s maintenance, education or benefit before they become entitled outright, rather than leaving the money untouched until a set birthday.
- Follow any letter of wishes left alongside the Will. This guidance is not legally binding on the Trustee, but it is usually exactly what they turn to when deciding how to exercise their judgement.
- Keep clear records and accounts, since beneficiaries are entitled to know how the trust is being managed.
- Act together with any co-Trustees, since most decisions need the agreement of everyone appointed, not just one person acting alone.
If the trust in question is holding a gift for a child, our guide to leaving a gift to a beneficiary under 18 covers exactly how that works, including when Trustees can use the funds before the child comes of age.
Start my WillHow many Trustees should you appoint?
Two is generally considered good practice, and for some situations, such as a trust that includes land or property, a valid receipt for capital money usually needs at least two Trustees or a trust corporation. Beyond the legal detail, having two Trustees also means there is a natural check in place, since major decisions need to be agreed rather than made unilaterally.
Common questions about Trustees
Can a Trustee also be a beneficiary?
Yes. It is very common for a surviving spouse, for example, to be both a Trustee of a trust set up in the Will and a beneficiary of it. The role still requires them to act properly on behalf of all the beneficiaries, not only themselves, but holding both positions at once is entirely normal and not treated as a conflict in itself.
Do I need to appoint separate people as Executors and Trustees?
No. Most Wills name the same people for both roles. Where a Will only makes outright gifts with nothing held back, the Trustee role may never actually come into play, but it is standard practice to appoint Trustees anyway in case a trust ever needs to operate, for example if a beneficiary turns out to be under 18 at the time of your death.
What happens if a Trustee cannot or does not want to act?
Much like an Executor, a Trustee can step down or decline to act, and it is worth naming a backup, or ensuring more than one Trustee is appointed so the trust does not depend on a single person.
Is a Trustee paid for the role?
Generally not, unless the Will specifically allows it or the Trustee is a professional appointed to act in that capacity. Reasonable expenses can usually be claimed back from the trust.
How long does a Trustee's responsibility last?
For as long as the trust exists. A trust for a child ends when they reach the age set out in the Will. A discretionary trust may run for much longer, depending on its terms.
Setting this up with Willow
When you write your Will with Willow, Trustees are appointed automatically alongside your Executors, so a trust for a child, or any other arrangement your Will calls for, has someone in place to manage it from day one.
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Executors and Trustees appointed together, so any trust your Will creates has someone in place to manage it — from £49.99.
Start my WillThis guide sets out general information about the role of a Trustee in England and Wales. It is not legal advice, and a Trustee’s specific duties depend on the terms of the Will or trust in question.