what is a trustee?

Question

the court system told me to hire a trustee.

Answer 1

look it up in the dictionary!!!!!!!!!!!

Answer 2

In legal parlance, a trust is where one person (the trustee) holds legal title and control over property for the benefit of another person (the beneficiary).

The trustee is responsible for managing the property and handling all the legal and administrative actions required, while the beneficiary gets the benefits (rent, income, use, whatever).

When a trust is created, a trustee is appointed to manage the trust assets. If that trustee dies or retires or is unable to handle the trust duties, the court will usually appoint another trustee. Here, it looks like the court is asking you to find one.

There are companies, banks or attorneys, that perform trustee duties as a professional service. Check your local listings.

Answer 3

trustee -

An appointed person or institution that manages assets for the benefit of someone else. Trustees are most often trust corporations or trust departments of commercial banks that manage the assets for a fee based on a percentage of the size of the trust (usually under 1%). A trust may be very restrictive or it may allow the trustee wide discretion, depending upon the grantor's wishes.

Answer 4

Definitions of trustee on the Web:

a person (or institution) to whom legal title to property is entrusted to use for another's benefit
regent: members of a governing board
wordnet.princeton.edu/perl/webwn

The word trustee is a legal term that refers to a member of a trust, which can be set up for any of a variety of purposes, and is entrusted with the administration of property on behalf of others. With respect to most private trusts, the trustee holds legal title to the trust property, is the representative of the trust, and has the capacity to sue and be sued on behalf of the trust.
en.wikipedia.org/wiki/Trustee

The representative of the bankruptcy estate who exercises statutory powers, principally for the benefit of the unsecured creditors, under the general supervision of the court and the direct supervision of the United States trustee or Bankruptcy Administrator.
www.bankruptcyaction.com/bankruptcydictionary.htm

One who holds property in trust for another to secure the performance of an obligation.
www.homesalediy.com/others/realestateterms.jsp

A neutral party who advertises the foreclosure property for sale and conducts the auction to sell said property to the highest bidder.
www.stopforeclosure.com/glossary.htm

The individual or bank managing the assets of the living trust.
www.alz.org/Resources/Glossary.asp

One who as agent for others handles money or holds title to their land.
www.fxrealty.net/Glossary.cfm

A bank or trust company that holds title to or a security interest in leased property for the benefit of the lessee, lessor, and/or creditors of the lessor. A leveraged lease often has two trustees: an owner trustee and an indenture trustee.
www.arcfin.com/glossary.htm

The person or corporate trustee who takes legal title to the trust property and who is required to follow the terms of the trust. The trustee may be a trust company or an individual. Often settlors will name joint or co-trustees, with a trust company managing the property and dealing with the various legal requirements, while an individual advises on discretionary matters on the distribution of funds. Co-trustees have equal authority.
www.rbcinvestments.com/ds/gloss.html

A fiduciary who holds or controls property for the benefit of another.
https://remax-headinghome.com/Glossary.aspx

- http://www.theianternet.com

Answer 5

depends...what situation did you have?
usually a trustee is the middleman who holds the money.