Trustee(by Kara Greenberg) - 趙永祥的數位歷程檔

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 often have a fiduciary responsibility, meaning they act in the best interests of the trust beneficiaries to manage their assets.

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Why is 'Trustee' the Term of the Day?

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Often used during the estate planning process to help minimize estate taxes, a trust is a fiduciary relationship in which a “trustor” gives a “trustee” the right to manage assets for a third party, or beneficiary. A trust can also help avoid probate and protect assets from creditors. Some disadvantages of trusts are that they require time and money to create, and they cannot be easily revoked.

Because trustees bear a fiduciary responsibility, they are legally and ethically required to act on behalf of the beneficiary’s best interest. However, because trustees play such a key role in ensuring assets go to the correct recipients, a trustee should be someone you can trust. Financial advisors, accountants, or lawyers, are typically popular choices of trustees.

-Kara