200757 Lecture Notes - Lecture 4: Fiduciary

• School: UWS
• Department: University of Western Sydney
• Course: 200757
• Professor: anonymous

Document Summary

A trustee is a person or firm that holds and administers property or assets for the benefit of a third party. A trustee may be appointed for a wide variety of purposes, such as in the case of bankruptcy, for a charity, for a trust fund or for certain types of retirement plans or pensions. Trustees are trusted to make decisions in the beneficiary"s best interests and often have a fiduciary responsibility to the trust beneficiaries. A trustee is any type of person or organization that holds the legal title of an asset or group of assets for another person, referred to as the beneficiary. A trustee is granted this type of legal title through a trust, which is an agreement between two consenting parties. Therefore, a trustee is responsible for the proper management of all property and other assets owned by the trust for the benefit of a beneficiary.