What it means
A trustee is the person or entity legally responsible for holding and managing trust property for the benefit of the beneficiaries, in line with the trust's terms and the law. In a will, a trustee may manage a testamentary trust or hold a child's inheritance until they reach a set age. Trustees owe strict fiduciary duties, including acting in beneficiaries' best interests, avoiding conflicts of interest, and keeping proper records. Trustee duties are governed by state and territory trustee legislation.
How it's used
As trustee, she invested the children's inheritance prudently until each child reached 21.