trustee

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Trustee

Agent of a bond issuer who handles the administrative aspects of a loan and ensures that the borrower complies with the terms of the bond indenture.

Trustee

1. The individual or company who manages assets in a trust on behalf of the beneficiary.

2. More generally, any individual or company who manages assets on behalf of another. For example, a bank may hire a trustee to distribute funds from a loan to the borrower.

In both cases, the trustee has a fiduciary responsibility to act on behalf of the beneficiary or client, rather than in his/her own interests.

trustee

An appointed person or institution that manages assets for the benefit of someone else. Trustees are most often trust corporations or trust departments of commercial banks that manage the assets for a fee based on a percentage of the size of the trust (usually under 1%). A trust may be very restrictive or it may allow the trustee wide discretion, depending upon the grantor's wishes.

Trustee.

A trustee is a person or institution appointed to manage assets for someone else's benefit.

For example, a trustee may be responsible for money you have transferred to a trust, or money in certain retirement accounts.

Trustees are entitled to collect a fee for their work, often a percentage of the value of the amount in trust. In turn, they are responsible for managing the assets in the best interests of the beneficiary of the trust. That's known as fiduciary responsibility.

trustee

see TRUST.

trustee

see TRUST.
References in periodicals archive ?
The Question: Does ERISA shield co-trustees from liability if a pension fund's board of trustees does not question the investments made or the methods of allocation until after the fund suffered losses?
(b) innocent co-trustees have a right to be indemnified by defaulting co-trustees who receive trust funds for their own use ('personal benefit rule'); (49)
[] Having two or more trustees can gum up the decision-making process, especially if the co-trustees aren't getting along.
At a later date, when the client was otherwise comfortable with fully distributing the principal (35 in the above example), the plan could allow the beneficiary the right to remove and replace their co-trustee. Note that with these modifications, the beneficiary possesses a great deal of control over the principal, yet the asset protection and wealth education principles have been preserved.
When more than one party is named, each is a co-trustee and all make decisions (and bear responsibility for mistakes) jointly.
In January of 1989, she amended her trust to indicate her change in residence to Wisconsin; changed the co-trustee and named a successor trustee to M & I; First National Bank, West Bend, Wisconsin; added a number of specific bequests; and changed the description of the residuary gift to include the name of her husband's first wife.
He said there had been two instances where Ms Cheong practised without a certificate, but he said 'the most serious aspect of the case' was a complaint by the beneficiary of a late relative's estate of which the solicitor was co-trustee.
Later, you can have the adult child assume co-trustee duties so he or she can help make actual decisions.
Carlos Gutierrez, was named a co-trustee of the W.K.
Sometimes, this can place a strain on family relations, so it's a good idea to appoint a co-trustee, someone a bit distanced from the inner circle of family politics and with substantive trustee and investment experience.
He was Einstein's closest friend and adviser, and he spent the past three decades as executor and then co-He spent the past three decades as executor and then co-trustee of the Einstein estate, sacrificing his own profession.
Rehan said that Alvi had thrice changed his statement in the court during hearings of a 1977 case against him pertaining to the Alvi Trust, of which he claimed Alvi was a co-trustee. The petition said that the PTI leader had submitted inaccurate documents in the court, due to which he acquired ownership of 1,810 acres of land near Hawkes Bay beach, adding that the current chief justice of the SHC had also issued an order against Alvi earlier.