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- The Trustee will manage the money or assets that have been appointed to another individual. The Trustee also decides when and how the inheritance is allocated to the beneficiary. They must act in the best interests of the beneficiary or beneficiaries, ensuring they also follow the terms as they are laid out in the Will.
www.kctrust.co.uk/blog/what-is-a-trustee-in-a-will
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What Does a Trustee Do? The role of a Trustee is very different to the role of the Executor, and Trustees will only be needed if a Trust arises under the Will. The Trustees are the people responsible for looking after the assets in the Trust for the benefit of the named beneficiaries.
The trustees are the legal owners of the assets held in a trust. Their role is to: deal with the assets according to the settlor’s wishes, as set out in the trust deed or their will. manage the trust on a day-to-day basis and pay any tax due. decide how to invest or use the trust’s assets.
May 12, 2020 · The trustees are appointed to hold the trust assets on behalf of the beneficiaries of the trust. It is possible for a trustee to also be a beneficiary of a trust. The trustees will draw their powers from the provisions of the trust contained within the Will.
It's common for the same person (or people) to be appointed as both Trustee and Executor, but not everyone fully understands why a Trustee is named in a Will or what the role entails. Below, I will explain why a Trustee might be appointed in a Will and how the Trustee works with the Executor.
Aug 30, 2022 · The trustee who manages the trust (there may be more than one) and is permitted to manage the trust on behalf of the beneficiary. The beneficiary, the person (or people or organisation) who stand to benefit from the trust. This can sometimes include the settlor too, in which case it’s known as a settlor-interested trust.
Jan 15, 2024 · Key Takeaways. Will trusts are legal entities created to manage and distribute a person’s assets to their beneficiaries posthumously, involving a settlor, trustees, and beneficiaries, and can offer control over asset distribution and tax benefits.
Jan 26, 2024 · In this blog, we will explain the role of a Trustee in a Will, how they are appointed, and the difference between Trustees, Executors, and beneficiaries.
