A trustee is a person who takes responsibility for managing money or assets that have been set aside in a trust for the benefit of someone else.
As a trustee, you must use the money or assets in the trust only for the beneficiary’s benefit.
Everything you do as a trustee must be done in the beneficiary’s best interests. Exactly what you can and can’t do as a trustee might be set out in detail in the trust agreement.
For example, the trust agreement might say the trust is to pay for an older person’s care fees. If that’s the case, you can’t use the money for anything else.
You won’t be able to benefit from the trust yourself – unless the trust agreement states that you can.
If the trust is a ‘discretionary trust’, the trustees will have more freedom to make decisions. For example, if the trust is set up to benefit a number of young children, you and any other trustees can use it for anything you agree is for the benefit of any one of the children – such as paying for a school trip.