Search results
12 Jun 2024 · A trustee is a person or firm that holds and administers property or assets for the benefit of a third party. A trustee is often designated by the original owner of the assets, called the...
The broadest sense of the term trustee applies to someone held to a fiduciary duty similar in some respects to that of a trustee proper. For example, the directors of a bank may be trustees for the depositors, directors of a corporation are trustees for the stockholders and a guardian is trustee of his ward's property.
TRUSTEE definition: 1. a person, often one of a group, who controls property and/or money for another person or an…. Learn more.
The meaning of TRUSTEE 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). How to use trustee in a sentence.
Being a trustee is not merely having the powers to administer the property of a trust fund, but it comes with a wider scope of duties and responsibilities.
30 Mei 2023 · A trust is a legal agreement designed to control how an individual leaves an estate to their heirs. Many people choose to create trusts to protect the interest of their beneficiaries. The owner of the trust, known as the grantor, must appoint a trustee to administer the wishes outlined in the trust.
13 Jul 2023 · A trustee is responsible for managing and distributing the assets in a trust. They keep their financial assets separate from those they manage within the trust.
4 Jan 2021 · Any profits received by a trustee will be considered as unauthorized profit which includes incidental and secret profits. A trustee usually happens to receive incidental profits when the trustee receives a commission by directing the trust to a particular company.
4 Jul 2024 · The trustee holds the property for the benefit of another person or organization. Trusts in estate planning are common. The trustee plays a crucial role in managing the trust's assets on behalf of its beneficiaries. The trust's creator is known as its "trustor," "grantor," or "settlor."
Download Now. Key Takeaways. A trustee is the legal owner of the trust property and is responsible for administering the trust property for the benefit of the trust’s beneficiaries. There are various ways to appoint a trustee, such as by trust deed, statute or a court ruling.
