Trustee
The person or institution responsible for managing a trust and following its instructions for the benefit of the beneficiaries.
With a revocable living trust you are typically your own trustee while you are able. The role that really matters is the successor trustee — the person who takes over when you die or can no longer act.
A trustee owes a fiduciary duty to the beneficiaries, which means acting in their interest rather than their own.
Related Terms
Living Trust
A legal arrangement you create during your lifetime to hold your assets, so they can pass to your beneficiaries without going through probate.
Executor
The person named in a will to carry it out — gathering assets, paying debts, and distributing what remains. Some states call this role a personal representative.
Beneficiary
A person or organization named to receive an asset — from a will, a trust, an insurance policy, or a retirement account.
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