| Revision as of 18:07, 17 October 2005 edit66.206.145.69 (talk) →United States← Previous edit | Revision as of 02:39, 24 October 2005 edit undoSlathering (talk | contribs)217 editsm removed stuff that belongs in discussionNext edit → | ||
| Line 11: | Line 11: | ||
| :'''' | :'''' | ||
| :'''' | :'''' | ||
| This is not a trustee...lets face it you need to get the definition of a trustee correct...come on now people! | |||
| ==See Also== | ==See Also== | ||
Revision as of 02:39, 24 October 2005
The word trustee is a legal term that refers to a member of a trust, which can be set up for any of a variety of purposes, and is entrusted with the administration of property on behalf of others. With respect to most private trusts, the trustee holds legal title to the trust property, is the representative of the trust, and has the capacity to sue and be sued on behalf of the trust. The trustee carries the fiduciary responsibility and liability to use the trust assets for the benefit of the beneficiary according to the rules of the trust instrument. The trustee can be compensated for their time in performing their duties as trustee. They are generally held to a "prudent person" standard in regards to meeting their fiduciary responsibilities, though investment, legal, and other financial professionals can be held to a higher standard commensurate with their higher expertise.
In the case of charities in the UK, a trustee is an unpaid volunteer who undertakes fiduciary responsibilites on behalf of the charity, subject to the provisions of the Charities Act 1993, which is regulated by the Charity Commission.
Trustee is also a term used for a prison inmate who has special work-related privileges, usually as a result of good behavior.
UK Legislation
- Trustee Delegation Act 1999 specifically covers matters to do with land.
- Trustee Act 1925
- Trusts of Land and Appointment of Trustees Act 1996
- Trustee Act 2000
- Charities Act 1993
See Also
trustee model of representation
References
 | This law-related article is a stub. You can help Misplaced Pages by expanding it. |