trustee
An individual or member of a board given control or powers of administration of property in trust with a legal obligation to administer it solely for the specified purposes.
Unlike an executor, whose job is temporary (winding up an estate), a trustee often manages assets over a long period, sometimes spanning decades or generations.
Word relationships
- fiduciary: A broader term for anyone in a position of financial trust; all trustees are fiduciaries, but not all fiduciaries are trustees.
- custodian: A custodian holds and safeguards assets but does not have the discretionary decision-making power of a trustee.
Commonly confused with
- trustor: The trustor (or settlor) is the person who creates the trust, while the trustee is the person who manages it.
Word family
- trust (noun/verb): A legal arrangement where one party holds property for another; to believe in the reliability of someone.
- trusteeship (noun): The office or role of a trustee.
Collocations
- board of trustees
- corporate trustee
- acting trustee
- successor trustee
Example sentences
- "The trustee held legal title to the real estate, but she was legally bound to manage it for the benefit of the founder's grandchildren." Explaining the legal structure of a family trust.
- "The board of trustee members voted unanimously to increase the university's endowment allocation for environmental research." A news article about a university's governing body.
Memory hook
A trustee is literally someone you 'trust' with your 'tea' (or any other valuable asset) while you are not there to manage it yourself. Entrusted with the trust.
When not to use
Do not use when referring to a simple agent or power of attorney who does not hold legal title to the property they manage.
Fun facts
- During the Middle Ages, English crusaders created the first trusts so that their land could be managed and taxes paid while they were away in the Holy Land, establishing the very first trustees.
Related words
Explore more words
fiduciary, stewardship, governance, administer, tribunal, lessor
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