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Trustee

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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.

Many corporations call their governing boards a board of trustees, though in those cases, they act as a board of directors.

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

  • Fontaine, C. JD, LLM, CLU, ChFC (2004) Fundamentals of Estate Planning. The American College Press
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