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Concept
Trustee
Summary
Trustee (or the holding of a trusteeship) is the individual appointed to administer the property of a deceased person held in a trust, or in the custody of a Bankruptcy Court ( property control ) ; See Trust Administration xxx.a legal term which, in its broadest sense, is a synonym for anyone in a position of trust and so can refer to any individual who holds property, authority, or a position of trust or responsibility for the benefit of another. A trustee can also be a person who is allowed to do certain tasks but not able to gain income. Although in the strictest sense of the term a trustee is the holder of property on behalf of a beneficiary, the more expansive sense encompasses persons who serve, for example, on the board of trustees of an institution that operates for a charity, for the benefit of the general public, or a person in the local government.
A trust can be set up either to benefit particular persons or for any charitable purposes (but not generally for non-charitable purposes): typical examples are a will trust for the testator's children and family, a pension trust (to confer benefits on employees and their families) and a charitable trust. In all cases, the trustee may be a person or company, whether or not they are a prospective beneficiary. 'In the case of a Trustee of a bankrupt court, the Trustee is called the judge and the prospective beneficiaries are called the creditors. See bankruptcy discharge.
Trustees have certain duties (some of which are fiduciary). These include the duty to:
Carry out the expressed terms of the trust instrument. Trustees are bound to act in accordance with the terms of the trusts upon which the trustee holds trust property, and commit a breach of trust by departing from the terms of the trust. However, a trustee may act otherwise than in accordance with the terms of the trust if all beneficiaries, being sui juris and together absolutely entitled, direct the trustee to do so (or so consent).
Official source
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