WA Can Executor of Will Invest Money Held in Trust?

[clive01]

My wife's late grandmother left some money for our son, to be held "In Trust, till he reaches the age of 21". My Wife is the executor of will and has letters of administration, and the money has been released into a bank account that she controls.

Do we have to create a legal document to describe the money held in trust for our son, or can my wife just invest it as she sees fit? How do we need to proceed?

Thank you

 

[winston wolf]

Hi Clive01

As trustee, her job is to manage the money for the benefit of the beneficiary. She may invest the money as she sees fit but can't gain a benefit from it.

So if the money is invested and gains interest, etc. that's ok, but if she were to keep the interest or gain in some other way (saving on mortgage, etc) that's not ok.