What is a Trustee?
The definition of a trustee is an individual that holds the legal title to property in order to administer it for a beneficiary. Trustees can be supervised by the court or unsupervised depending on how the trust is drafted and set up. A deed of trust is the document that can appoint a trustee. Similar to a POA, an unsupervised trust can be a dangerous tool to utilize in protecting assets as there is little supervision over the Trustee.
General duties and responsibilities of a trustee include protecting the trust, fulfilling the terms of the trust, informing beneficiaries of any actions and remaining impartial among the beneficiaries.
There are several types of trustees including bankruptcy trustees, corporate trustees and trustees of a will.
For more information about trustee bonds in Minnesota, contact Patrick J. Thomas Agency.