Trustee
A trustee is an individual or organization appointed to manage and oversee assets or property on behalf of another party, known as the Beneficiary. The trustee has a fiduciary duty to act in the best interest of the beneficiary, managing the Trust according to its terms and applicable laws.
Examples of trustees include:
- A bank acting as a trustee for a Trust Fund established for a minor.
- An individual appointed as a trustee in a will to manage the estate of a deceased person until it is distributed to heirs.
Cases involving trustees can include:
- In re Estate of Johnson: A trustee was held liable for mismanagement of trust assets, failing to diversify investments.
- Smith v. Smith Trust: A beneficiary sued the trustee for breach of fiduciary duty, alleging the trustee acted in self-interest rather than the interest of the beneficiaries.