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Trustee
Definition
The trustee is the designated individual (or it may be an organization) that is charged with the duty of managing a trust's assets for the benefit of the trust's beneficiaries.
Using the term Trustee :
The heirs (beneficiaries) to Ms. Robinson's vast fortune were unhappy when the trustee told them that they would only receive 1/20th of the total amount per year over the next 20 years.
Pay Special Attention To :
The trustee owes a fiduciary duty to the beneficiaries of the trust. This means that they must act as a prudent person would in managing their own affairs and investments. A fiduciary is a legal standard.
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Related terms
fiduciary duty
