Dictionary:
trus·tee (trŭ-stē')  |
To place (property) in the care of a trustee.
v.intr.To function or serve as a trustee.
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| Computer Desktop Encyclopedia: trustee |
| Investment Dictionary: Trustee |
An individual who holds or manages assets for the benefit of another.
Investopedia Says:
For example, an indenture trustee is the agent of a bond issuer who handles all the administrative aspects of a loan, including ensuring that the borrower complies with the terms in the indenture.
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This arrangement allows you to have more control over your estate - both before and after your death. Establishing A Revocable Living Trust
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Learn about a strategy that could help you reduce taxes, diversify your portfolio and generate income. Saving Money With A Private Annuity Trust
Decrease the value of your taxable estate and prevent the taxman from getting you one last time. Shifting Life Insurance Ownership
| Banking Dictionary: Trustee |
1. Person named to administer a trust for a Beneficiary according to the terms established by the donor.
2. Financial institution, usually a Trust Company or the Trust Department in a commercial bank that holds collateral for the benefit of bondholders. The trustee collects principal and interest payments, invests the cash between payment dates, and disburses funds to pay principal and interest on issued and outstanding bonds.
3. Bankruptcy Trustee named by a bankruptcy judge to handle the assets of a debtor in bankruptcy.
| Real Estate Dictionary: Trustee |
One who holds property in Trust for another to secure performance of an obligation; the neutral party in a Trust Deed transaction.
Example: Johnson purchases property and finances it with a Deed of Trust from a lender. The Title Company is the trustee, holding legal title to the property pending Johnson's satisfaction of the debt. Should Johnson Default on the loan, the trustee may sell the property to satisfy the debt.
| Law Encyclopedia: Trustee |
An individual or corporation named by an individual, who sets aside property to be used for the benefit of another person, to manage the property as provided by the terms of the document that created the arrangement.
A trustee manages property that is held in trust. A trust is an arrangement in which one person holds the property of another for the benefit of a third party, called the beneficiary. The beneficiary is usually the owner of the property or a person designated as the beneficiary by the owner of the property. A trustee may be either an individual or a corporation.
Trusts are useful for investment purposes, and they offer various tax advantages. Another purpose of trusts is to keep the trust property, usually money, out of the hands of the owner. This may be desirable if the beneficiary of the trust is incompetent, immature, or a spend thrift.
Trustees have certain obligations to the beneficiary of the trust. State statutes may address the duties of a trustee, but much of the law covering such obligations is often found in a state's case law, or court opinions.
A trustee is a fiduciary of the trust beneficiary. A fiduciary is legally bound to act, within the confines of the law, in the best interests of the beneficiary. A trustee is in a special position of confidence in relation to the beneficiary because the trustee has control of property that is essentially owned by the beneficiary.
Most trustees possess special knowledge about trusts and investments. By contrast, many beneficiaries are ignorant of such matters. This special knowledge is another feature of the trustee-beneficiary relationship that makes a trustee a fiduciary. A trustee must submit honest reports to the beneficiary and keep the beneficiary informed of all matters relevant to the trust.
Trustees must fulfill the terms of the trust, which address such matters as when and how the trust property will be given to the beneficiary and the kinds of transactions the trustee may conduct with the trust property. Unless the terms of the trust state otherwise, a trustee may invest trust property but must use reasonable skill and judgment in making the investments. In some states a trustee is required by statute to make certain investments under certain conditions, but most states let trustees decide on their own whether to invest the trust property. However, a trustee may not invest property if it is prohibited by the terms of the trust.
In bankruptcy cases a court may appoint a trustee to manage the funds of the insolvent party. Trustees who are appointed by bankruptcy courts are paid for their services from public funds. Trustees who manage trusts for private parties also are paid for their services, but their compensation comes from the creator of the trust or from the trust's funds.
| Wikipedia: Trustee |
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Look up trustee in Wiktionary, the free dictionary. |
Trustee is a legal term for a holder of property on behalf of a beneficiary. 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.
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Trustees have certain duties (some of which are fiduciary). These include the duty to carry out the express terms of the trust instrument, the duty to defend the trust, the duty to prudently invest trust assets, the duty of impartiality among the beneficiaries, the duty to account for their actions and to keep them informed about the trust, the duty of loyalty, the duty not to delegate, the duty not to profit, the duty not to be in a conflict of interest position and the duty to administer the trust in the best interest of the beneficiaries. These duties may be expanded or narrowed by the terms of the instrument creating the trust, but in most instances cannot be eliminated completely. Corporate trustees, typically trust departments at large banks, often have very narrow duties, limited to those explicitly defined in the trust indenture.
A trustee carries the fiduciary responsibility and liability to use the trust assets according to the provisions of the trust instrument (and often regardless of their own or the beneficiaries' wishes). The trustee may find himself liable to claimants, prospective beneficiaries, or third parties. In the event that a trustee incurs a liability (for example, in litigation, or for taxes, or under the terms of a lease) in excess of the trust property they hold, they may find themselves personally liable for the excess.
Trustees are generally held to a "prudent person" standard in regard to meeting their fiduciary responsibilities, though investment, legal, and other professionals can be held to a higher standard commensurate with their higher expertise. Trustees can be paid for their time and trouble in performing their duties only if the trust specifically provides for payment. It is common for lawyers to draft will trusts so as to permit such payment, and to take office accordingly: this may be an unnecessary expense for small estates.
The term trustee is also applied to someone held to a fiduciary duty similar in some respects to that of a trustee proper. For example, the directors of a bank may be trustees for the depositors, directors of a corporation are trustees for the stockholders and a guardian is trustee of his ward's property. Many corporations call their governing board a board of trustees, though in those cases they act as a board of directors.
In the case of UK charities, a trustee is an unpaid volunteer who undertakes fiduciary responsibilities on behalf of the charity, subject to the provisions of Charity Law, a branch of trust law, and the Charities Act 1993. For charity trustees, the Charity Commission of England and Wales, Office of the Scottish Charity Regulator of Scotland and Voluntary Activity Unit of Northern Ireland often has concurrent jurisdiction with the Courts. Many UK charities are also limited liability companies registered with Companies House, in this case the trustees are also Directors of the company and their liability is limited. This is the preferred model if the charity owns property or employs people.
(USA) Depending on the state, a Trustee is a member of the Village Board of Trustees which is a village's elected legislative body as outlined by local or state law. It can be composed of the Mayor and a set number of Trustees and usually manages village property, finances, safety, health, comfort, and general welfare and leadership of the town (acting as a Board of Police or Fire Commissioners or a Moderate Income Housing Board for example). Village Board of Trustees is comparable to but distinguished from City Council or Town Council.
In states like Missouri, small villages have a Trustee instead of a Mayor who is elected to manage village business in a similar function.
Trustee, more frequently spelled trusty, is a term used for a prison inmate who has special work-related privileges, usually as a result of good behavior.
In the United States, when a consumer or business files for bankruptcy all property of the filer becomes property of a newly created entity, the "bankruptcy estate." (See 11 U.S.C. § 541.) For all bankruptcies (consumer or business) filed under Chapter 7 or Chapter 13 of Title 11 of the United States Code (the Bankruptcy Code), a trustee (the "trustee in bankruptcy" or TIB) is appointed by the United States Trustee, an officer of the Department of Justice that is charged with ensuring the integrity of the bankruptcy system and with representatives in each court, to manage the property of the bankruptcy estate, including bringing actions to avoid pre-bankruptcy transfers of property. In bankruptcies filed under Chapter 11 or 12, the debtor continues to manage the property of the bankruptcy estate, as "debtor in possession," subject to replacement for cause with a trustee.
Chapter 7 trustees in bankruptcy are chosen by the United States Trustee from a panel, and are known as panel trustees. Every judicial district has a permanent Chapter 13 trustee, known as a "standing trustee."
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Look up trustee in Wiktionary, the free dictionary. |
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| Translations: Trustee |
Dansk (Danish)
n. - kurator, værge, bestyrelsesmedlem, bestyrer
v. tr., -
v. intr. - overlade til bestyrer, bestyre
Nederlands (Dutch)
beheerder (gemachtigde)
Français (French)
n. - fidéicommissaire fiduciaire, administrateur, pays appliquant le régime de tutelle
v. tr. - placer une propriété en fidéicommis
v. intr. - fonctionner/servir en tant que fidéicommissaire (banque)
Deutsch (German)
n. - Treuhänder, Verwalter, Kurator
v. - (ein Vermögen) einem Treuhänder anvertrauen
Ελληνική (Greek)
n. - (νομ.) θεματοφύλακας, επίτροπος, κηδεμόνας, έφορος, καταπιστευματοδόχος
Português (Portuguese)
n. - síndico (m), fiduciário (m), depositário de bens em penhora (m)
Español (Spanish)
n. - fideicomisario, síndico, administrador de una empresa
v. tr. - encomendar a un fiduciario o síndico
v. intr. - actuar como fiduciario o síndico
Svenska (Swedish)
n. - förtroendeman, förvaltare, god man, förmyndare (jur.), styrelsemedlem
中文（简体）(Chinese (Simplified))
托管人, 理事, 保管人, 移交给受托人, 扣压以偿欠款, 当受托人
中文（繁體）(Chinese (Traditional))
n. - 託管人, 理事, 保管人
v. tr. - 移交給受託人, 扣壓以償欠款
v. intr. - 當受托人
한국어 (Korean)
n. - 피신탁인, 수탁자, 신탁 통치국
v. tr. - 수탁자의 손에 넘겨 주다
v. intr. - 관재인의 손에 넘기다
日本語 (Japanese)
n. - 受託者, 評議員, 理事
العربيه (Arabic)
(الاسم) بلد يتولى ألوصايه على مقاطعه مستقله, ألأمين, ألوصي
עברית (Hebrew)
n. - נאמן (אדם שניתנו לו סמכויות ניהול רכוש למען מטרות מסוימות בלבד), ממונה, מפקח
v. tr. - הפקיד בידי (נאמן)
v. intr. - הופקד בידי
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| Who is trustee Trustee's on Deed? |
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