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Jun 12, 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...
The simplest Trustee definition is: the named person who manages a Trust’s assets. The most important aspect of the role of Trustee is ensuring one acts in the best interest of the Trust.
Aug 1, 2024 · A trustee is a person or entity (like a bank or company) who manages property or assets on behalf of another party. Although the trustee is the legal owner of the trust assets, they’re obligated to act in the best interests of those they represent. Here are a few examples of what a trustee oversees: Family trusts.
The trustee has broad responsibilities in managing the affairs of a trust, and thus plays an important role in your estate plan. Here's what they do.
A trustee is a person (or legal entity) that holds and administers property for the benefit of a third party. When a person holds property in their name for another person’s benefit, they are holding it “in trust” for the other person, who is a “beneficiary” of the trust.
What Do Trustees Need to Know? The grantor should familiarize you with the trust and its provisions, including where important papers, such as the following, are located: the trust document, trust assets, and. insurance policies (medical, life, disability, long-term care).
Oct 7, 2016 · While the general idea of a trustee is easy enough to understand, as Law explains, a trustee has several important legal duties that dictate how they should invest, manage and protect assets within a trust (see “Trustee duties”).
