A trustee with the limited function of holding trust property, which is vested in the custodian trustee alone. The other trustees (managing trustees) manage the trust property and exercise powers or discretions under the trust. (Section 4, Public Trustee Act 1906 (PTA 1906).)

Only the Public Trustee and bodies listed in rule 30 of the Public Trustee Rules 1912 (SI 1912/348) can act as custodian trustees (see Practice note, Trust corporations: overview: Bodies entitled to act as custodian trustee).

A body entitled to act as custodian trustee is a trust corporation (section 68(1)(18), Trustee Act 1925; section 117(1)(xxx), Settled Land Act 1925; section 55(1)(xxvi), Administration of Estates Act 1925; section 205(1)(xxviii), Law of Property Act 1925 and section 128, Senior Courts Act 1981). For the significance of this, see Practice note, Trust corporations: overview: When does trust corporation status matter?.

A custodian trustee is usually appointed by a charity constituted as a trust or an unincorporated association, neither of which has legal personality (see Practice note, Trust corporations: overview: Trust corporations for charitable purposes).

For more information, see Lewin on Trusts (Sweet & Maxwell, 20th ed, 2020): Chapter 18: Particular Trustees: Custodian Trustees.

A custodian trustee should not be confused with a custodian.