Trustee
A person who manages a trust on behalf of beneficiaries. Trustees must act in beneficiaries' best interests and follow the trust terms.
A trustee is a person (or organisation) who holds and manages trust assets for the benefit of beneficiaries.
Trustee Duties
- Act in the beneficiaries' best interests
- Follow the trust document and law
- Invest prudently (unless the trust allows otherwise)
- Keep proper accounts and records
- Act impartially between beneficiaries
- Not profit from their position (unless permitted)
- Act together with co-trustees
Who Can Be a Trustee?
- Any adult of sound mind
- Usually 2-4 trustees for a will trust
- Can be beneficiaries too (but conflicts need managing)
- Professional trustees (solicitors, accountants, trust companies)
Trustee Liability
Trustees can be personally liable for:
- Breach of trust
- Negligent investments
- Failing to follow trust terms
- Not paying taxes properly
Common questions
Can a trustee also be a beneficiary?
Yes, but they must manage conflicts of interest carefully. Having an independent co-trustee helps.
Do trustees get paid?
Professional trustees charge fees. Lay trustees (family/friends) usually don't get paid but can claim expenses.
Can a trustee be removed?
Yes, by the trust document's provisions, beneficiaries' agreement, or court order if they're unsuitable.
Free & independent
Compare prices Compare estate planning quotes in 2 minutes
See up to 4 matched verified UK planners, ranked cheapest-first. No obligation, no hidden fees.