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Being a trustee is often an important way to help a friend or family member. It means you take responsibility for money thatās been set aside in a trust for someone else. Youāll manage the money for them, only use it in their best interest and obey the rules of the trust.
Trustee is a legal term refers to any person who holds property, authority, or a position of trust or responsibility for the benefit of another.
AĀ trurteeĀ is aĀ personĀ orĀ firmĀ thatĀ holdsĀ andĀ administerrĀ propertyĀ orĀ assetsĀ for theĀ benefitsĀ of Ā aĀ third party.
- A trustee is a person or firm that holds & administers property or assets for the benefit of a third party .
- Trustees are trusted to make decisions in the beneficiary’s best interest & often have a fiduciary responsibility to the trust beneficiaries.
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