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 an institutional investor has delivered on its fiduciary duties, both the outcomes achieved and the process followed are of critical importance.

Trustees are generally held to a "prudent person" standard in regard to meeting their fiduciary responsibilities, though investment, legal, and other professionals can, in some jurisdictions, be held to a higher standard commensurate with their higher expertise.

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).