What is a Trustee and what do they do?

Give most teenagers £1,000 and watch it metamorphise within days into a mobile phone, a ripped pair of jeans and a ridiculous hair style.

Although that may be exactly what they wanted, it’s probably not in their best interests. Perhaps the money would have been better spent on a school trip abroad or saved towards university fees. And that is where the trustee comes in.

Money may have been left to the child in a will but placed in trust until he or she reaches a certain age. A trustee is appointed to administer the fund and can be a single person, a group of people or a company.

The trustee becomes the legal owner of the money or property but is obliged to administer it in a responsible manner solely for the purposes specified. In this case, the trustee would manage the money until the beneficiary is old enough or only pay for things allowed for in the trust agreement.

A trustee can also be the executor of your will and can also be a beneficiary. Set up a trust by contacting Heritage Will Writing on 02380 879243.