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| The word '''trustee''' is a ] that refers to a member of a ], which can be set up for any of a variety of purposes, and is entrusted with the administration of ] 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 word '''trustee''' is a ] that refers to a member of a ], which can be set up for any of a variety of purposes, and is entrusted with the administration of ] 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 ] responsibility and ] to use the trust assets for the benefit of the ]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 ] in the UK, a ''trustee'' is an unpaid volunteer who undertakes fiduciary responsibilites on behalf of the charity, subject to the provisions of the '''', which is regulated by the ]. | In the case of ] in the UK, a ''trustee'' is an unpaid volunteer who undertakes fiduciary responsibilites on behalf of the charity, subject to the provisions of the '''', which is regulated by the ]. | ||
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| ===United States=== | ===United States=== | ||
| Under the US ], a trustee is the person charged with responsibility to collect the property of the bankrupt person or company, and distribute the proceeds to creditors in the priority prescribed by law. See ]. | Under the US ], a trustee is the person charged with responsibility to collect the property of the bankrupt person or company, and distribute the proceeds to creditors in the priority prescribed by law. See ]. | ||
| ==References== | |||
| *Fontaine, C. ], ], ], ] (2004) ''Fundamentals of Estate Planning''. The American College Press | |||
| {{law-stub}} | {{law-stub}} | ||
Revision as of 19:25, 21 July 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 liablity to use the trust assets for the benefit of the beneficiaryaccording 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
United States
Under the US Bankruptcy Code, a trustee is the person charged with responsibility to collect the property of the bankrupt person or company, and distribute the proceeds to creditors in the priority prescribed by law. See United States Trustee.
References
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