Trustee
Holds or administers property or assets for the benefit of a third party.
Detailed Description
Trustee
What is the primary responsibility of a trustee?
The primary responsibility of a trustee is to manage and safeguard the assets placed in trust.
What types of trustees exist?
There are individual trustees, corporate trustees, and professional trustees, each with unique advantages and disadvantages.
How are trustee fees typically structured?
Trustee fees can be structured as a flat rate, a percentage of the trust's assets, or an hourly rate for specific services.
What distinguishes a trustee from a beneficiary?
The trustee manages the trust assets, while the beneficiary is the individual or entity that benefits from the trust.
What legal framework governs the actions of trustees?
Trustees operate under state laws and regulations that outline their duties, powers, and the rights of beneficiaries.