What is the role of Trustee?

A trustee is someone you would choose to look after financial assets for a person until a time you have deemed acceptable – for example, once they reach a certain age. The trustees are expected to look after and protect the money as if it was their own. It is important that the person that you pick should be financially knowledgably and have a very good understanding about what the role consists of.

We would usually recommend appointing a professional Trustee — this is someone who has expert knowledge of how to invest your assets within trusts, and we recommend this for three reasons:

1. It gives peace of mind having someone who knows the markets and is constantly looking after your money.
2. Once the assets have passed over for the use of the beneficiaries, you have someone in place to advise them professionally concerning the most effective way to achieve their wishes with the assets.
3. It ensures that your assets are used for what you intended them to be used for. If anything happens to you, you have someone who will make sure your wishes in this respect are fulfilled.

Trustees are also the legal owner of the assets. There are rules governing how the trustee must act and look after the assets.