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What is a trustee?

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โˆ™ 2011-01-23 20:30:05

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A trustee is someone that people have placed their trust in. Usually this means that a person is responsible for money or financial instruments on behalf of someone else. Often a minor, who is not able to contract, will have a trustee that maintains a trust for that minor. A trust is a set of funds, investments and/or property that they must track and report on with full accountability.
Briefly, a trustee is someone who holds legal title to property in trust for another. They owe a duty to the beneficiary of the trust and must carry out their duty in accordance with the provisions of the trust instrument. A trustee in bankruptcy is an officer appointed by the court to collect the assets of the debtor and who can sell the debtor's property under the supervision of the court.

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โˆ™ 2011-01-23 20:30:05
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Why must the trustee of an irrevocable insurance trust make the premium payment?

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Can original trustee take back duties after turning over to successor trustee?

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What is the difference between a trustee and royal colony?

royal-run by governor trustee-run by trustee


What is the difference between the trustee and the royal colony?

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Is a trustee required to use 'trustee' as a part of his signature?

Yes. A trustee must always declare that she is signing a document in her capacity as a trustee. If not, the validity of the document will be compromised by signing as an individual with no reference to her office as trustee.


Can the same person be both the beneficiary and the trustee of a blind trust?

No. The trustee has full control over the assets in the trust. In a 'blind trust' the trustee must be completely independent. If the beneficiary is the trustee then the trustee is not completely independent.


Can a trustee of a house quitclaim it to another person?

First, a trustee is the trustee of a TRUST. The house may be trust property. The powers of a trustee are set forth in the trust document. If the house is owned by the trust and the trustee has the power to sell real estate then yes, a trustee can convey the house.


What is substitution of trustee?

That is a way of stating that a trustee has been replaced by a successor trustee. The substitution or appointment must be in writing.


Can the trustee and beneficiary be the same person in case of private trust?

If there is (1) more than one trustee; and, (2) the trustee-beneficiary cannot act as trustee unilaterally; and (3) the other trustee is not a beneficiary of the trust, yes. If the the trustee is also designated the beneficiary, the trust fails as illusory.

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