A trustee takes legal ownership of the assets held by a trust and assumes fiduciary responsibility for managing those assets and carrying out the purposes of the trust.
What is a trustee kid definition?
Kids Definition of trustee : a person who has been given legal responsibility for someone else's property.
What is an example of trustee?
The definition of a trustee is a person or a member of a board given control over the property or affairs of another. A person who manages an inheritance left for a child and who distributes the money to the child is an example of a trustee.
What does trustee mean in government?
A trustee is a member of congress who votes on an issue focused on the greater good of the country rather than the intent of a constituent.
What are the three types of trusts?
The four main types are living, testamentary, revocable and irrevocable trusts.
What is the difference between a trustee and a successor trustee?
A trustee, who can either be the trustor or another responsible party, may be appointed while the trustor is still alive; a successor trustee is charged with administering a trust after the trustor or the appointed trustee (if they are different from the trustor) becomes incapacitated or dies.
What is the difference between a trustee and an independent trustee?
Family trustees are decision-makers who know the beneficiaries and remaindermen well. Family trustees have investment powers and the authority to prepare and sign income tax returns. An independent trustee is an objective decision-maker for the trust.Nov 4, 2016
What does it mean to be a trustee for a college?
The board of trustees is responsible for developing and approving the school's mission, strategic goals and objectives, and establishing policies related to programs and services. Another duty of trustees is to approve the annual budget and to set major program fees.Feb 2, 2018
How are college trustees chosen?
Trustees are elected or appointed to the board for a specific term, which may be renewable. Most trustees come from the for-profit corporate world. Many institutions work diligently to assemble a diverse representation of community leaders on their board in an effort to broaden support for the institution.
Do College Board of trustee members get paid?
They're not paid, but do get perks They do, however, receive benefits such as paid travel and sports tickets. Last year, USC's board of trustees reported receiving $143,142 in gifts and compensation, according to the board members' 2018 Statements of Economic Interest.
What is a trustee professor?
Trustee Professorships are University-wide positions. Trustee Professorships are for a five-year renewable term. The Trustees retain the authority to rescind this title and its privileges at any time. Trustee Professors are to be engaged in teaching and research.
Is the trustee the owner?
A Trustee is considered the legal owner of all Trust assets. And as the legal owner, the Trustee has the right to manage the Trust assets unilaterally, without direction or input from the beneficiaries.Oct 8, 2021