Who can be a trustee of a trust?
A trustee is an individual or entity designated to oversee a trust's administration.
The responsibilities of a trustee include managing the trust's assets, making investment decisions, and ensuring that the trust's objectives are met. A trustee's main responsibility is trust administration which requires attention to detail, financial knowledge, and a commitment to fulfilling the intentions of the trust creator.
Individuals: Any competent person who is of sound mind and at least 18 years old can be appointed as a trustee. This is the most common scenario where individuals, often family members or close friends, are appointed to manage the trust.
Legal Entities: In some cases, a corporate entity or a company can be appointed as a trustee. This is common in business or corporate trusts, where a trust is established for specific business purposes.
Professional Trustees: Individuals or entities with expertise in trust administration, such as lawyers, accountants, or financial advisors, may be appointed as professional trustees. They bring specific skills and knowledge to the management of the trust.
The responsibilities of a trustee include managing the trust's assets, making investment decisions, and ensuring that the trust's objectives are met. A trustee's main responsibility is trust administration which requires attention to detail, financial knowledge, and a commitment to fulfilling the intentions of the trust creator.
Individuals: Any competent person who is of sound mind and at least 18 years old can be appointed as a trustee. This is the most common scenario where individuals, often family members or close friends, are appointed to manage the trust.
Legal Entities: In some cases, a corporate entity or a company can be appointed as a trustee. This is common in business or corporate trusts, where a trust is established for specific business purposes.
Professional Trustees: Individuals or entities with expertise in trust administration, such as lawyers, accountants, or financial advisors, may be appointed as professional trustees. They bring specific skills and knowledge to the management of the trust.
Updated on: 08/04/2024
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