A trustee is a person or firm that holds and administers property or assets for the benefit of a third party. A trustee may be appointed for a wide variety of purposes, such as in the case of bankruptcy, for a charity, for a trust fund, or for certain types of retirement plans or pensions. Trustees are trusted to make decisions in the beneficiary’s best interests and have a fiduciary responsibility to the trust beneficiaries.
Trustees usually have a fiduciary duty to the trust they oversee, which means they are required to put aside personal goals and initiatives to do what’s best for the trust.
A trustee is thus responsible for the proper management of all property and other assets owned by the trust for the benefit of a beneficiary. A trustee’s specific duties are unique to the agreement of the trust and are dictated by the type of assets being held in trust. If, for example, a trust is comprised of various real estate properties, it will be the trustee’s duty to oversee those assets. Trustees are also required to financially manage and oversee accounts within a trust when it is made up of other investments, like equities in a brokerage account.
Family Fiduciary will serve as a corporate trustee if needed. Mr. Grey will also serve as an individual trustee if needed.