Trustee definition is – a natural or legal person to whom property is legally committed to be administered for the benefit of a beneficiary (such as a person or a charitable organization). What does trustee mean? Other articles from investopedia.
Trustee (or the holding of a trusteeship) is a legal term which, in its broadest sense, is a synonym for anyone in a position of trust and so can refer to any person who holds property, authority, or a position of trust or responsibility to transfer the title of ownership to the person named as the new owner, in a trust instrument, called a beneficiary. Trustee definition, a person, usually one of a body of persons, appointed to administer the affairs of a company, institution, etc. A fiduciary is legally bound to act, within the confines of the law, in the best interests of the beneficiary.
A trustee is a fiduciary of the trust beneficiary. His exact duties can vary based on what assets the trust owns. If the trust consists of bank and investment accounts , the trustee would be responsible for overseeing these accounts. An individual or organization which holds or manages and invests assets for the benefit of another. Trustees may be entitled to a payment for their services, if.
A successor trustee is named to step in and manage the trust when the trustee is no longer able to continue (usually due to incapacity or death). Typically, several are named in succession in case one or more cannot act. Sometimes two or more adult children are named to act together.
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Instant Downloa Mail Paper Copy or Hard Copy Delivery, Start and Order Now! English dictionary definition of trustee. He is the trustee of his mother’s estate.
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The trustee has a duty to care for, maintain, and segregate out the trust property at the same level as a prudent person in similar circumstances. As general matter, decisions made in good faith that prove financially harmful are generally not deemed the fault of the trustee , if the trustee has observed all of the necessary duties. The definition of a trustee is a person or a member of a board given control over the property or affairs of another. A person who manages an inheritance left for a child and who distributes the money to the child is an examp. Depending on the type of trust you are creating, the trustee will be.
Great care should be taken in your selection of your Trustee. Sometimes, a power of appointment is given to someone other than the trustee , such as the settlor, the protector, or a beneficiary.
The United States Trustee Program is the component of the Department of Justice responsible for overseeing the administration of bankruptcy cases and private trustees under U. For example, a trustee may be responsible for money you have transferred to a trust, or money in certain retirement accounts. As a trustee , you must use the money or assets in the trust only for the beneficiary’s benefit. Trustee Wallet – a perfect wallet for holding, buying and selling crypto from any Visa or MasterCard. Our pros – low commissions from and best rate on the market. Discover the process – swipe down!
As Successor Trustee If you decide to be your own trustee (for example, of your revocable living trust), consider naming a corporate trustee as your successor trustee. Trustee is divided into regions across the United States. In this capacity, they will step in and manage your trust for you when you can no longer act due to incapacity or death.