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What is the difference between a trustee and a successor trustee?

A trustee, who can either be the trustor or another responsible party, may be appointed while the trustor is still alive; a successor trustee is charged with administering a trust after the trustor or the appointed trustee (if they are different from the trustor) becomes incapacitated or dies.

Who is the best trustee for a trust?

Most people choose either a friend or family member, a professional trustee such as a lawyer or an accountant, or a trust company or corporate trustee for this key role.

What is the meaning trustees?

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, for a charity, or for a trust fund.

What is a trustees role in a trust?

The trustee acts as the legal owner of trust assets, and is responsible for handling any of the assets held in trust, tax filings for the trust, and distributing the assets according to the terms of the trust. Both roles involve duties that are legally required.

What is the role of the trustees?

The main duty of all charity trustees is to advance the purposes of their charity. This should always be a trustees main focus. A charitys trustees must carry out its charitys purposes for public benefit.

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