Trustee
The trustee is the party who holds legal title to the trust property. The trustee may also be the trust beneficiary, but he may not be the sole beneficiary because then there would be no separation between legal and equitable ownership, which is required for a valid trust. A trustee is a requirement of an express trust along with trust property, trust intent, and definite beneficiaries.
Definition from Nolo’s Plain-English Law Dictionary
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)
Definition provided by Nolo’s Plain-English Law Dictionary.
August 19, 2010, 5:26 pm
