MrThickRopes
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LSDefine
Simple English definitions for legal terms
trustee
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A quick definition of trustee:
A trustee is someone who is chosen by another person to take care of their money or property. The trustee has to follow the rules that the person who chose them made, and they have to make sure that they use the money or property in the best way possible for the person who will get it later. The trustee can't use the money or property for themselves, and they have to be fair to everyone who will get the money or property later. If the trustee can't do their job anymore, someone else will be chosen to take their place.
A more thorough explanation:
A trustee is a person or entity who is given the responsibility to manage and take care of assets that are held in a trust. The trustee is appointed by the person who created the trust, known as the settlor, and is responsible for carrying out the wishes of the settlor as outlined in the trust document.
For example, if a wealthy individual creates a trust to provide for their children's education, they may appoint a trustee to manage the assets in the trust and ensure that the funds are used for educational purposes only.
Trustees have a legal obligation to act in the best interests of the beneficiaries of the trust. This means that they must manage the assets prudently, avoid conflicts of interest, and act impartially if there are multiple beneficiaries. Trustees must also keep accurate records of their management of the trust assets.
If a trustee is unable or unwilling to carry out their duties, a successor trustee may be appointed by the court to take their place.