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A trustee is a person/firm that holds and manages property or assets for a third party. A trustee can be appointed for many purposes, in cases of bankruptcy, for a trust fund, charity, or for certain types of retirement plans or pensions. A trustee’s role is to make decisions in the beneficiary’s best interests and often have a fiduciary responsibility.

A trustee stands in a fiduciary capacity for the designator (a person who provides authority to the trustee). Some of the duties/roles of the trustee are as follows –

Duties Of A Trustee Include:

• Behaving in accordance with the trust document, as long as the terms are legal
• Remaining impartial with beneficiaries and avoiding conflicts of interest, putting the document first
• Safekeeping trust property and assets separate from assets owned by any other person
• Employ reasonable care and skill in managing the trust and investing trust property
• Diversifying investments, unless it wouldn’t be discerning to do so
• Maintaining detailed records

Providing the beneficiaries, federal and state agencies periodic reports