Trustee

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May 15, 2015
Jurisdiction
June 22, 2015
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Trustee

A Trustee is the executive who administers or operates a Trust.  It may be a natural person or an institution such as a bank or trust company.  The Trustee may be a single individual, a group of co-Trustees, or a board of Trustees.  The Grantor gives assets to the Trustee in Trust for the benefit of the Beneficiary. The Trustee has a fiduciary duty to administer the Trust in keeping with the intent of the Grantor for the benefit of the Beneficiaries. The Trustee has the legal powers and authority granted by the Trust instrument.  The succession of Trustees will be governed by the Trust instrument, or in the absence of such provisions by applicable law.  A Trustee can be removed or replaced pursuant to the terms of the Trust instrument or applicable law.  A Trustee has a duty to give an accounting to the Beneficiaries periodically, and at least annually.  Absent express language otherwise in the Trust document, the domicile of a Trust is determined by the domicile of the Trustee.

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