Taking on the role of trustee means looking after money or assets held in a trust, always with the beneficiary’s best interests at heart. You’ll be making decisions on their behalf, guided by the trust document, which lays out what you can and cannot do. In most cases, you will not benefit from the trust yourself unless the agreement says otherwise.
If the trust is what is called a ‘discretionary trust’, you’ll have more flexibility when it comes to making decisions. But with that freedom comes extra responsibility.
Trustees are usually appointed by the person setting up the trust (the settlor), or by the court. Once you accept the role, stepping down is not straightforward; it generally requires approval from the beneficiaries or the court. So it is important to fully understand what is involved before agreeing to take it on.