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trust·ee 1 /ˌtrəs-'tē/ n1: one to whom something is entrusted: one trusted to keep or administer something: asa: a member of a board entrusted with administering the funds and directing the policy of an institution or organizationb: a country charged with the supervision of a trust territory2 a: a natural or legal person to whom property is committed to be administered for the benefit of a beneficiary (as a person or charitable organization): the holder of legal title to property placed in a trust compare cestui que trust, settlorb: one (as a corporate director) occupying a position of trust and performing functions comparable to those of a trusteetrust·ee·ship ntrustee 2 vb trust·eed, trust·ee·ingvt: to commit to the care of a trusteevi: to serve as trustee
Merriam-Webster’s Dictionary of Law. Merriam-Webster. 1996.
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noun
administrator, agent, appointee, caretaker, curator, custodian, custos, depositary, fiduciary, financier, functionary, guardian, holder of the legal estate, one to whom something is entrusted, person appointed to administer affairs, recipient
associated concepts: acting trustee, appointment of trustee, bare trustee, change of trustee, corporate trustee, cotrustees, de facto trustee, designation of trustee, disinterested trustee, duty of trustee, fiduciary responsibility, interested trustee, involuntary trustee, liability of trustee, nominal trustee, public trustee, qualification of trustees, quasi trustee, removal of trustee, successor trustee, testamentary trustee, trustee by deed, trustee of an estate, trustee ex maleficio, trustee in bankruptcy
II
index
administrator, comptroller, executor, fiduciary, guardian, nominee (delegate), receiver, representative (proxy), substitute, transferee
Burton's Legal Thesaurus. William C. Burton. 2006
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n.The person who holds the property of a trust and administers it in a fiduciary capacity for the benefit of the beneficiaries.
The Essential Law Dictionary. — Sphinx Publishing, An imprint of Sourcebooks, Inc. Amy Hackney Blackwell. 2008.
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a person appointed to hold trust property and, in the case of an active trust, to administer it for the benefit of the beneficiaries. In the ordinary case, trusteeship will be 'full' in the sense that the trustees will have vested in them the property subject to the trust together with the powers of management enabling them to discharge their functions. However, under the Public Trustee Act 1906, provision was made for trust corporations to act as custodian trustees holding the legal title to the trust property and being responsible for its safekeeping but without any powers of management.A judicial trustee is a special trustee appointed by and under the control of the court under the Judicial Trustees Act 1896. The court will not appoint a judicial trustee in the absence of special circumstances warranting it; an example of a case where such an appointment might be warranted would be where a trustee was also a beneficiary and where there was a conflict of interest between his duties as a trustee and his position as a beneficiary. A trustee may be removed either under an express power conferred in the trust instrument or by the court under the provisions of Section 36 of the Trustee Act 1925 where he has become unfit to act (through physical or mental incapacity) or has been abroad for more than 12 months.The office of trustee is a gratuitous one, with the consequence that, in general, while trustees may be reimbursed for expenses properly incurred, they may not receive remuneration. To this general rule there are a number of exceptions, the most important of which is where the trust instrument expressly empowers trustees to charge for their services. Additionally, the court may, if it considers it in the interests of the trust, authorise charges to be made or to be increased: see Re Duke of Norfolk's Sett. Trusts [1981] 3 All ER 220.A trustee is personally liable for any loss to the trust estate caused by or resulting from any breach of trust committed by him, whether that breach was deliberate (i.e. fraudulent) or negligent. However, Section 61 of the Trustee Act 1925 provides that the court may absolve a trustee from such liability if he can demonstrate that he had acted honestly and reasonably and that he ought fairly to be excused.
Collins dictionary of law. W. J. Stewart. 2001.
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The person (or business) who manages assets held in trust, under the terms of the trust document. A trustee's purpose is to invest trust assets and distribute trust income or principal to beneficiaries as directed in the trust document. With a simple probate avoidance living trust, the person who creates the trust is also the original trustee. (See also: successor trustee)Category: Wills, Trusts & Estates → Estates, Executors & Probate CourtCategory: Wills, Trusts & Estates → Living Trusts & Avoiding Probate
Nolo’s Plain-English Law Dictionary. Gerald N. Hill, Kathleen Thompson Hill. 2009.
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Once property has been transferred under a trust to the trustees by the settlor, the trustees become the legal owners of the trust property. Thus trustees, unlike directors of a company, deal with the property themselves not on behalf of or authorised by the trust.In general, any individual, company or other corporation may be appointed as a trustee.Related links+ trusteeUSAThis term has a number of meanings. In the context of:• Bankruptcy: A trustee is also known as the bankruptcy trustee. The official representative of the estate appointed to represent the interest of creditors and administer the estate during the bankruptcy proceedings. The role of the trustee varies under the different chapters of the Bankruptcy Code.See also bankruptcy trustee• Securities and capital markets: A trustee is also referred to as the indenture trustee. The agent of the holders of the debt securities issued by a company who handles all the administrative aspects of the debt securities and the indenture, including ensuring that such company complies with the terms in the indenture.
Practical Law Dictionary. Glossary of UK, US and international legal terms. www.practicallaw.com. 2010.
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n. Someone who holds title in trust for the benefit of another person and who owes fiduciary responsibility to that beneficiary. Also used loosely to refer to anyone acting as guardian or fiduciary with respect to another person.@ bankruptcy trusteeA court officer appointed by a judge or elected by creditors to act as the representative of a bankruptcy estate.=>> trustee.@
Webster's New World Law Dictionary. Susan Ellis Wild. 2000.
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An individual or corporation named by an individual, who sets aside property to be used for the benefit of another person, to manage the property as provided by the terms of the document that created the arrangement.
Dictionary from West's Encyclopedia of American Law. 2005.
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An individual or corporation named by an individual, who sets aside property to be used for the benefit of another person, to manage the property as provided by the terms of the document that created the arrangement.II The person or institution that manages the property put in trust.
Short Dictionary of (mostly American) Legal Terms and Abbreviations.
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n.a person or entity who holds the assets (corpus) of a trustee for the benefit of the beneficiaries and manages the trust and its assets under the terms of the trust stated in the declaration of trust which created it. In many "living trusts" the creator of the trust (trustor, settlor) names himself/herself (or themselves) as the original trustee who will manage the trust until his/her death when it is taken over by a successor trustee. In some trusts, such as a "charitable remainder unitrust," the trustee must be independent and therefore cannot be the creator of the trust. If a trustee has title to property, he/she/it holds title only for the benefit of the trust and its beneficiaries.
Law dictionary. EdwART. 2013.
