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Simple English definitions for legal terms
testamentary trustee
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A quick definition of testamentary trustee:
A testamentary trustee is a person who is chosen to take care of someone's money or property after they die. This person has a special job to make sure that the money or property is used in the way that the person who died wanted it to be used. They have to be very careful and follow the rules that are written down in a special document called a will.A more thorough explanation:
Testamentary Trustee
A testamentary trustee is a person appointed by or acting under a will to carry out a trust created by the will. They hold legal title to property and owe a fiduciary duty to the beneficiary. Their duties include converting debts and securities to cash, reinvesting the cash in proper securities, protecting and preserving the trust property, and ensuring it is employed solely for the beneficiary according to the trust instrument.
- John's grandfather appointed him as a testamentary trustee in his will to manage his estate and distribute it to his grandchildren.
- After her death, Mary's will appointed a testamentary trustee to manage her assets and distribute them to her children.
These examples illustrate how a testamentary trustee is appointed by a will to manage and distribute assets to beneficiaries according to the trust instrument. They have a fiduciary duty to act in the best interest of the beneficiary and manage the trust property responsibly.