Trustees – What responsibilities do they have
Trustees have a wide range of responsibilities when administering the trust estate under their charge. What is a trustee? A trustee is a person or a firm that holds and administers property or assets held in a trust for the benefit of a third party. A trust can be created for a variety of purposes. For example, trusts can be established in bankruptcy situations or in certain types of retirement plans or to manage assets for a minor or someone lacking capacity. Alternatively, a trust may be established to hold…
