Who is referred to as a trustee?

Who is referred to as a trustee?

• A. A person who is a legal witness in court
• B. A person who holds the assets (corpus) of a trust
• C. An individual that disputes a trust agreement
• D. A buyer in a property transaction

Answer: (B)

A trustee is specifically defined as a person or entity appointed to manage the assets held within a trust, known as the corpus. The trustee's primary responsibility is to administer the trust according to the terms set forth in the trust document and for the benefit of the beneficiaries. This role involves various duties, such as making investment decisions, maintaining accurate records, and ensuring that distributions to beneficiaries are made in accordance with the trust terms. Being a legal witness in court or disputing a trust agreement does not correlate with the responsibilities or definitions associated with a trustee. Similarly, a buyer in a property transaction operates in a completely different capacity and is not involved with the management of a trust. Thus, the definition and function of a trustee distinctly align with the role of managing the assets of a trust, making this option the correct choice.

A trustee is specifically defined as a person or entity appointed to manage the assets held within a trust, known as the corpus. The trustee's primary responsibility is to administer the trust according to the terms set forth in the trust document and for the benefit of the beneficiaries. This role involves various duties, such as making investment decisions, maintaining accurate records, and ensuring that distributions to beneficiaries are made in accordance with the trust terms.

Being a legal witness in court or disputing a trust agreement does not correlate with the responsibilities or definitions associated with a trustee. Similarly, a buyer in a property transaction operates in a completely different capacity and is not involved with the management of a trust. Thus, the definition and function of a trustee distinctly align with the role of managing the assets of a trust, making this option the correct choice.