Trustee

Sections Contest Property disposition Common types Other types Governing doctrines Trustee (or the holding of a trusteeship) is a legal term which, in its broadest sense, is a synonym for anyone in a position of trust and so can refer to any individual who holds property, authority, or a position of trust or responsibility for the benefit of another.

[1] Although in the strictest sense of the term a trustee is the holder of property on behalf of a beneficiary,[1] the more expansive sense encompasses persons who serve, for example, on the board of trustees of an institution that operates for a charity, for the benefit of the general public, or a person in the local government.

[12] When evaluating whether or not an institutional investor has delivered on its fiduciary duties, both the outcomes achieved and the process followed are of critical importance.

The terms of the instrument that creates the trust may narrow or expand these duties—but in most instances, they cannot be eliminated completely.

It is common for lawyers to draft will trusts so as to permit such payment, and to take office accordingly: this may be an unnecessary expense for small estates.

An account of the main changes can be found in "Charities Act 2006: A guide to the new law" by Michael King and Ann Phillips[who?].

One of the key changes made was that it introduced the Charitable Incorporated Organisation which is basically a limited liability charity.

According to King and Philips, many of the advantages of incorporating as a CIO are obtained if the trustees are not individuals but a corporate entity.

It can be composed of the mayor and a set number of trustees and usually manages village property, finances, safety, health, comfort, and general welfare and leadership of the town (acting as a board of police or fire commissioners or a moderate income housing board, for example).