Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

trustee

Read a random definition: majority-minority district

A quick definition of trustee:

A trustee is someone who is chosen by another person to take care of their money or property. The trustee has to follow the rules that the person who chose them made, and they have to make sure that they use the money or property in the best way possible for the person who will get it later. The trustee can't use the money or property for themselves, and they have to be fair to everyone who will get the money or property later. If the trustee can't do their job anymore, someone else will be chosen to take their place.

A more thorough explanation:

A trustee is a person or entity who is given the responsibility to manage and take care of assets that are held in a trust. The trustee is appointed by the person who created the trust, known as the settlor, and is responsible for carrying out the wishes of the settlor as outlined in the trust document.

For example, if a wealthy individual creates a trust to provide for their children's education, they may appoint a trustee to manage the assets in the trust and ensure that the funds are used for educational purposes only.

Trustees have a legal obligation to act in the best interests of the beneficiaries of the trust. This means that they must manage the assets prudently, avoid conflicts of interest, and act impartially if there are multiple beneficiaries. Trustees must also keep accurate records of their management of the trust assets.

If a trustee is unable or unwilling to carry out their duties, a successor trustee may be appointed by the court to take their place.

trust res | trustee in bankruptcy

Warning

Info

General

General chat about the legal profession.
main_chatroom
👍 Chat vibe: 0 👎
Help us make LSD better!
Tell us what's important to you
Dkk
19:42
SEO is big money
2016 pushed the conservative party into populism irreversibly
Dkk
19:43
Maybe, but if this is populism, then every election is populist.
19:43
@Dkk: yeah register 1 website and every swinging tom dick and harry calls/emails/texts to 'help with seo'. like bruh, if YOU found it, what i am doing is working
Dkk
19:43
Indeed!
19:48
wasp, i think people are hopeful for a gov who at least attempts to care about the common man
MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
LSD+ is ad-free, with DMs, discounts, case briefs & more.