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A trustee is a person or company responsible for managing assets or property for the benefit of someone else, called the beneficiary.
In Depth
A trustee holds legal title to assets placed in a trust and has a legal duty to manage those assets according to the trust's instructions. They must act in the best interest of the beneficiaries, making responsible decisions about investments, distributions, and other financial matters. This role often involves significant legal and financial responsibilities.
Example
The bank acted as the trustee for the family's trust, managing the investments and distributing funds to the children as outlined in the trust document.