Trustee

A trustee is a person or organization appointed to manage and oversee assets held in a trust on behalf of the trust's beneficiaries. The trustee holds legal title to the trust property and is responsible for administering the trust according to the instructions set out by the trust creator (the grantor) and applicable laws.

Key aspects of a trustee's role include:

• Managing and administering trust assets: This involves handling finances, investments, paying bills, filing taxes, and maintaining records related to the trust.
• Fiduciary duty: Trustees must act in the best interests of the beneficiaries, putting aside personal interests and strictly following the terms of the trust.
• Distributing assets: Trustees distribute the trust's assets to beneficiaries as specified in the trust agreement, often after the grantor's death or upon certain conditions.
• Successor trustees: If the original trustee can no longer serve (due to death, incapacity, or resignation), a successor trustee takes over the responsibilities.

Trustees can be individuals, independent firms, or financial institutions. They play a crucial role in estate planning, asset protection, and ensuring that the trust's purposes are fulfilled properly and legally.

In summary, a trustee is the custodian and manager of a trust's assets, legally responsible for carrying out the trust's terms and acting in the best interests of the beneficiaries.