TRUSTEE Meaning and
Definition
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A trustee is an individual who is appointed or elected to manage and oversee the assets, property, or affairs of a trust. They are entrusted with the responsibility to act in the best interests of the beneficiaries of the trust and to carry out the provisions and instructions outlined in the trust agreement. The trustee holds a fiduciary duty towards the beneficiaries, meaning they are legally bound to act with utmost honesty, loyalty, and care, putting the interests of the beneficiaries above their own.
Their role encompasses various responsibilities, which may include managing investments, making financial decisions, distributing assets, and ensuring compliance with legal and regulatory requirements. Trustees are expected to exercise sound judgment and prudence, always acting in a manner that aligns with the objectives and wishes of the grantor who created the trust.
Trustees are obligated to keep accurate records, maintain confidentiality, and provide periodic reports to the beneficiaries regarding the administration and performance of the trust. They must also avoid conflicts of interest and refrain from self-dealing, exercising undivided loyalty towards the beneficiaries.
Trustees can be individuals, such as family members or professionals, like lawyers or financial advisors. The appointment of a trustee is often seen as a crucial aspect of establishing a trust, ensuring proper management and protection of assets in accordance with the grantor's intentions.
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A person who holds an estate or property of any kind for the benefit and use of another.
Etymological and pronouncing dictionary of the English language. By Stormonth, James, Phelp, P. H. Published 1874.
Top Common Misspellings for TRUSTEE *
* The statistics data for these misspellings percentages are collected from over 15,411,110 spell check sessions on www.spellchecker.net from Jan 2010 - Jun 2012.
Other Common Misspellings for TRUSTEE
Etymology of TRUSTEE
The word "trustee" originated from the Old French word "trustee" which means "person to whom property is entrusted". It ultimately comes from the Late Latin word "trusteus", which means "person holding property in trust". This Latin word is derived from the verb "trustare", meaning "to entrust". The term eventually made its way into English in the 16th century and has been used to refer to a person entrusted with the responsibility of managing or administering someone else's affairs or property, typically in a legal or financial context.
Similar spelling words for TRUSTEE
- trustiness,
- trusted,
- trestle,
- trusting,
- truscott,
- trickster,
- truster,
- tract,
- trustful,
- trostle,
- tristearin,
- trusty,
- trussed,
- treaster,
- trust deed,
- tryst,
- thruster,
- Trisdale,
- troester,
- trust,
- triostium,
- thrust.
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