What is a Trustee in a Will?
If you want to know what a Trustee in a Will is, this guide explains the role clearly. A Trustee is appointed in a Will to manage assets held in Trust for beneficiaries. They have to look after those assets with care and make sure the terms of the Trust are properly followed.
Who is a Trustee and how are they appointed?
A Trustee is named in a Will by the person who created it (the Testator). They take legal responsibility for managing the specific assets set aside in the Will. Trustees are distinct from Executors. While Executors deal with estate administration and probate, Trustees step in later to oversee any property held in Trust. Sometimes the same individual is appointed to both roles.
What does a Trustee do?
A Trustee has several key responsibilities:
- Hold assets, such as money, property, or investments, on behalf of beneficiaries.
- Follow the instructions set out in the Trust, for example, a Child Trust or care fund.
- Invest, preserve, or distribute assets in line with the Trust's terms.
- Act in the beneficiaries’ best interests at all times, avoiding conflicts of interest.
- Keep accurate records of decisions, transactions, and communications.
- Handle any tax, such as Inheritance Tax (IHT), Income Tax, or Capital Gains Tax (CGT), where required.
These are fiduciary responsibilities, meaning Trustees must act honestly, responsibly, and solely for the benefit of others. Failing to uphold these duties can result in personal liability and legal claims by beneficiaries.
Trustees vs Executors: What is the difference?
An Executor’s role covers the management of the estate - applying for probate, valuing assets, paying debts, and distributing inheritance. A Trustee takes over if some assets are placed in a Trust within the Will, such as a block of shares or a savings fund for a minor. Unlike Executors, Trustees may continue their work beyond probate. They handle assets held in Trust until the event specified in the Will, such as a child turning 18 or the passing of a surviving spouse.
Can a Trustee refuse or step down?
Yes, a Trustee may formally decline the role before accepting it. Once they accept the position, they are legally bound by the Trust. Trustees can delegate administrative tasks to professionals, but personal decisions, like distributing funds, should align with the Trust’s terms.
Why Trustees matter
Using Trusts within a Will helps ensure that care funds, inheritances for vulnerable people, or delayed distributions are handled appropriately. Trustees protect these assets, preventing misuse or mismanagement and providing continuity until beneficiaries are ready to receive their inheritance.
Trustees can be family members, close friends, or professionals, depending on the assets involved and instructions specified in the Will.
Final thoughts
So, what is a Trustee in a Will? It is a person responsible for managing specific assets held in Trust. Trustees must follow the Will’s instructions, act in the best interests of beneficiaries, and protect Trust assets until distribution is allowed. Their role is distinct from that of Executors and often continues beyond probate. If you are named as a Trustee or asked to appoint one, understanding these duties is vital to fulfilling the role successfully.
