Definition from Nolo’s Plain-English Law Dictionary
The person (or business) who manages assets held in trust, under the terms of the trust document. A trustee's purpose is to invest trust assets and distribute trust income or principal to beneficiaries as directed in the trust document. With a simple probate avoidance living trust, the person who creates the trust is also the original trustee. (See also: successor trustee
Definition provided by Nolo’s Plain-English Law Dictionary.
August 19, 2010, 5:26 pm