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A Trustee is a person who acts as a custodian for the assets held within a Trust. He or she is responsible for managing and administering the finances of a Trust per the instructions given. Often, the person who creates the Trust is the Trustee until they can no longer fill the role due to incapacitation or death.
What makes someone a trustee?
A trustee is a person or firm that holds and administers property or assets for the benefit of a third party. A trustee may be appointed for various purposes, such as in the case of bankruptcy, certain types of retirement plans or pensions, or to manage assets for someone like a minor.
What is the criteria for a trustee?
An individual must be at least 16 years old to be a trustee of a charitable company or charitable incorporated organisation and at least 18 years old to be a trustee of a charitable trust or committee member of a charitable unincorporated association.
Who is usually the trustee in a deed of trust?
Trustee. When a bank or savings and loan finances the purchase of real estate, the trustee is almost always a title or trust company. Sometimes real estate brokers act as trustees. Attorneys commonly write in the name of a title company as trustee on a trust deed, without consulting the title company.
Who can be appointed as a trustee?
In general anybody can be nominated and appointed, except for persons disqualified in terms of the TPCA or the trust instrument. in both cases it is advisable that interested parties are consulted by the Master.
Generally, an executor administers the estate of the person who died, while a trustee administers a trust for the benefit of the named beneficiaries. A guardian makes decisions for minor children of the person who died or for an incapacitated adult.
How do you determine a trustee?
As the name implies, the first and most important trustee criteria is that theyre someone you trust. The person you choose will handle your assets on your behalf and act in the best interests of your beneficiaries. They need to be someone with integrity and strong ethical principles.
What is the difference between a trust agent and a trustee?
Remember, trustees act and manage assets that are in a trust on behalf of a beneficiary or on behalf of several beneficiaries. Financial agents, on the other hand, are acting on behalf of a principal for different matters, be it for real estate or cash accounts or all kinds of financial, or otherwise, affairs.
Related links
Board of Trustees | The University of Vermont
The University of Vermont Board of Trustees has full legal responsibility and authority for the University of Vermont, including the management and control
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