Dictionary of Law
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trustee :: legal definition


Trustee - n. a person or entity who holds the assets (corpus) of a trustee for the benefit of the beneficiaries and manages the trust and its assets under the terms of the trust stated in the declaration of trust which created it. In many "living trusts" the creator of the trust (trustor, settlor) names himself/herself (or themselves) as the original trustee who will manage the trust until his/her death when it is taken over by a successor trustee. In some trusts, such as a "charitable remainder unitrust," the trustee must be independent and therefore cannot be the creator of the trust. If a trustee has title to property, he/she/it holds title only for the benefit of the trust and its beneficiaries.

See also: settlor trust trustor and Related Law Terms ↓


Related Law Terms

bankruptcy :: n. a federal system of statutes and courts which p ... y proceedings trustee in bankruptcy
charitable remainder trust (Charitable Remainder Irrevocable Unitrust) :: n. a form of trust in which the donor (trustor or ... ed up or committed. See also: trust
cloud on title (cloud) :: n. an actual or apparent outstanding claim on the ... ion reconveyance title title report
commingling :: n. the act of mixing the funds belonging to one pa ... rust accounts for funds of another.
condominium :: n. title to a unit of real property which, in real ... ium projects. See also: common area
constructive trust :: n. when a person has title to property and/or take ... tence. See also: constructive trust
copyright :: 1) n. the exclusive right of the author or creator ... plagiarism public domain trademark
co-trustee :: n. a trustee of a trust when there is more than on ... act alone. See also: trust trustee
declaration of trust :: n. the document signed by a trustor (settlor) crea ... also: settlor trust trustee trustor
deed :: 1) n. the written document which transfers title ( ... veyance deed of trust warranty deed
deed of trust :: n. a document which pledges real property to secur ... : foreclosure mortgage reconveyance
distribute :: v. 1) the dividing up of those assets of an estate ... and distribution probate trust will
fee tail :: n. an old feudal expression for a title to real pr ... rest only. See also: fee fee simple
inter vivos trust :: n. a trust created by a writing (declaration of tr ... nter vivos testamentary trust trust
living trust :: n. sometimes called an inter vivos (Latin for "wit ... thrift clause trust trustee trustor
Massachusetts Trust :: n. a business in which the investors give manageme ... provide for eventual distribution.
mortgage :: n. a document in which the owner pledges his/her/i ... losure notice of default trust deed
non-discretionary trust :: n. a trust in which the trustee is directed to inv ... ower in the matter. See also: trust
notice :: n. 1) information, usually in writing in all legal ... Thirty-day notice three-day notice
possession :: n. 1) any article, object, asset or property which ... ctive possession. See also: possess
pour over will :: n. a will of a person who has already executed a t ... invalid trust. See also: trust will
prudent man rule :: n. the requirement that a trustee, investment mana ... (1994). See also: fiduciary trustee
reconveyance :: n. in those states which use deeds of trust as a m ... conveyance. See also: deed of trust
record :: 1) v. (ree-cored) to put a document into the offic ... eeding race to the courthouse trial
resulting trust :: n. a trust implied by law (as determined by a cour ... See also: constructive trust trust
settlor :: n. the person who creates a trust by a written tru ... the trust. See also: trust trustor
spendthrift clause :: n. a provision in a trust or will that states that ... tly to Junior. See also: trust will
subject to :: adj. referring to the acquisition of title to real ... : assumption deed of trust mortgage
trust :: n. an entity created to hold assets for the benefi ... testamentary trust trustee trustor
trustee in bankruptcy :: n. a person appointed by a bankruptcy court to sup ... f the debtors. See also: bankruptcy
trustor :: n. the creator of a trust (who normally places the ... ern states. See also: settlor trust
will :: n. a written document which leaves the estate of t ... will and testament probate testator

Popular Law Searches

legal definition ministerial act :: n. an act, particularly of a governmental employee ... exercising any individual judgment.
chancery legal definition :: n. a court that can order acts performed. Today ch ... ts in most states. See also: equity
testamentary disposition legal definition :: n. how the terms of a will divide the testator's ( ... named beneficiaries. See also: will
contract of sufferance :: n. a "hold-over" tenancy after a lease has expired ... y tenancy at will unlawful detainer
forthwith legal definition :: adv. a term found in contracts, court orders and s ... mediacy, with no excuses for delay.
forthwith definition legal :: adv. a term found in contracts, court orders and s ... mediacy, with no excuses for delay.
what is to wit in a legal contract :: prep. that is to say. Example: "the passengers in ... tty Bumgartner and Sherry Younger."
mirror wills legal definition :: n. the wills of a husband and wife which are ident ... d each names the other as executor.
clean hands doctrine latin :: n. a rule of law that a person coming to court wit ... ices. See also: affirmative defense
sine qua non only relates to contract law :: (see-nay kwah nahn) prep. Latin for "without which ... qua non of the injury to Playmate.

Other Law Terms - T

T.R.O. :: n. legal slang for temporary restraining order. Se ... order. See also: restraining order
tainted evidence :: n. in a criminal trial, information which has been ... e search and seizure search warrant
take :: v. to gain or obtain possession, including the rec ... eal property or stealing an object.
taking the Fifth :: n. the refusal to testify on the ground that the t ... ifth." See also: self-incrimination
tangible property :: n. physical articles (things) as distinguished fro ... operty personal property personalty
tax :: n. a governmental assessment (charge) upon propert ... unified estate and gift tax use tax
tax costs :: n. a motion to contest a claim for court costs sub ... sts" to avoid paying these charges.
Tax Court :: n. a federal agency with courts in major cities wh ... Appeals. See also: court income tax
tax evasion :: n. intentional and fraudulent attempt to escape pa ... o reduce the amount of payable tax.
tax return :: n. the form to be filed with a taxing authority by ... able to the taxpayer. See also: tax
tax sale :: n. an auction sale of a taxpayer's property conduc ... government to collect unpaid taxes.
temporary injunction :: n. a court order prohibiting an action by a party ... ry injunction. See also: injunction
temporary insanity :: n. in a criminal prosecution, a defense by the acc ... diminished capacity insanity intent
tenancy :: n. the right to occupy real property permanently, ... rety tenancy in common tenant title
tenancy at sufferance :: n. a "hold-over" tenancy after a lease has expired ... y tenancy at will unlawful detainer
tenancy at will :: n. occupation of real property owned by another un ... right to occupy. See also: tenancy
tenancy by the entirety :: n. joint ownership of title by husband and wife, i ... ee also: community property tenancy
tenancy in common :: n. title to property (usually real property, but i ... on. See also: joint tenancy tenancy
tenant :: n. a person who occupies real property owned by an ... rental payments. See also: tenancy
tender :: 1) v. to present to another person an unconditiona ... he tender. See also: delivery offer