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| General duties of trustees | |
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Trustees[2] have certain duties (some of which are fiduciary). These include the duty to:
Carry out the expressed terms of the trust instrument
Defend the trust
Prudently invest trust assets
Be impartial among beneficiaries
Account for actions and keep beneficiaries informed
Be loyal
Not delegate
Not profit
Not be in a conflict of interest position
Administer in the best interest of the beneficiaries
The terms of instrument that creates the trust may narrow or expand these duties—but in most instances they cannot be eliminated completely. Corporate trustees, typically trust departments at large banks, often have very narrow duties, limited to those the trust indenture explicitly defines.
A trustee carries the fiduciary responsibility and liability to use the trust assets according to the provisions of the trust instrument (and often regardless of their own or the beneficiaries' wishes). The trustee may find himself liable to claimants, prospective beneficiaries, or third parties. In the event that a trustee incurs a liability (for example, in litigation, or for taxes, or under the terms of a lease) in excess of the trust property they hold, they may find themselves personally liable for the excess.
Trustees are generally held to a "prudent person" standard in regard to meeting their fiduciary responsibilities, though investment, legal, and other professionals can be held to a higher standard commensurate with their higher expertise. Trustees can be paid for their time and trouble in performing their duties only if the trust specifically provides for payment. It is common for lawyers to draft will trusts so as to permit such payment, and to take office accordingly: this may be an unnecessary expense for small estates.
In an exception to the duties outlined above, sabbatical officers of students' unions who are also trustees of these organisations they work for do have the right to a salary (and hence profit from their being a trustee). This is an exception explicitly granted in the 1993 act [3]
[edit] Tags:Trust,Will Trust,Sabbatical Officers,Edit,Clu, | |
| Other uses | |
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The broadest sense of the term trustee applies to someone held to a fiduciary duty similar in some respects to that of a trustee proper. For example, the directors of a bank may be trustees for the depositors, directors of a corporation are trustees for the stockholders and a guardian is trustee of his ward's property. Many corporations call their governing board a board of trustees, though in those cases they act as a board of directors.
In the case of UK charities, a trustee is an unpaid volunteer who undertakes fiduciary responsibilities on behalf of the charity, subject to the provisions of Charity Law, a branch of trust law, and the Charities Act 1993. For charity trustees, the Charity Commission of England and Wales, Office of the Scottish Charity Regulator of Scotland and Voluntary Activity Unit of Northern Ireland often has concurrent jurisdiction with the Courts. Many UK charities are also limited liability companies registered with Companies House, in this case the trustees are also Directors of the company and their liability is limited. This is the preferred model if the charity owns property or employs people.
The law on this in England changed considerably with the Charities Act of 2006. An account of the main changes can be found in "Charities Act 2006 A guide to the new law" by Michael King and Ann Phillips. One of the key changes made was that it introduced the Charitable Incorporated Organisation. This is basically a limited liability charity. There are thus now two main aspects of corporate management of charities. One is the traditional way in which a corporation is a corporate trustee of a given charity. The second is the new way, in which the charity itself is incorporated as a CIO. The advantages and disadvantages of the different methods is a complicated matter. According to King and Philips, many of the advantages of incorporating as a CIO are obtained if the trustees are not individuals but a corporate entity.
[edit] Tags:Company,Board Of Directors,Charity Commission,Office Of The Scottish Charity Regulator,Voluntary Activity Unit,Limited Liability Companies,Land,Charity Trustee,Management, | |
| Local government in the United States | |
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Depending on the state, a Trustee is a member of the Village Board of Trustees, which is a village's elected legislative body as outlined by local or state law. It can be composed of the Mayor and a set number of Trustees and usually manages village property, finances, safety, health, comfort, and general welfare and leadership of the town (acting as a Board of Police or Fire Commissioners or a Moderate Income Housing Board for example). Village Board of Trustees is comparable to but distinguished from City Council or Town Council. Small villages have a Trustee instead of a Mayor who is elected to manage village business in a similar function.
In some states, a civil township may be administered by a trustee or a group of trustees; see Indiana Township Trustee for an example.
[edit] Tags:Legislative Body,City Council,Town Council,Indiana Township Trustee, | |
| Bankruptcy Trustee | |
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In the United States, when a consumer or business files for bankruptcy all property of the filer becomes property of a newly created entity, the "bankruptcy estate." (See 11 U.S.C. § 541.) For all bankruptcies (consumer or business) filed under Chapter 7, 12 or 13 of Title 11 of the United States Code (the Bankruptcy Code), a trustee (the "trustee in bankruptcy" or TIB) is appointed by the United States Trustee, an officer of the Department of Justice that is charged with ensuring the integrity of the bankruptcy system and with representatives in each court, to manage the property of the bankruptcy estate, including bringing actions to avoid pre-bankruptcy transfers of property. In bankruptcies filed under Chapter 11, the debtor continues to manage the property of the bankruptcy estate, as "debtor in possession," subject to replacement for cause with a trustee.
Chapter 7 trustees in bankruptcy are chosen by the United States Trustee from a panel, and are known as panel trustees. Every judicial district has a permanent Chapter 13 trustee, known as a "standing trustee." As cases under Chapter 12 (for family farmers or fishermen) are filed fairly infrequently, the United States Trustee usually makes trustee appointments in such cases on an ad hoc basis.
[edit] Tags:Trustee In Bankruptcy, | |
| UK legislation | |
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Trustee Delegation Act 1999 specifically covers matters to do with land.
Trustee Act 1925
Trusts of Land and Appointment of Trustees Act 1996
Trustee Act 2000
Charities Act 1993
[edit] Tags:Trustee Act 1925, | |
| See also | |
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Look up trustee in Wiktionary, the free dictionary.
Trustee model of representation
Trusty system
Trustor
Charity Trustee
[edit] Tags:Trustee Model Of Representation,Trusty System,Trustor, | |
| References | |
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Fontaine, C. JD, LLM, CLU, ChFC (2004) Fundamentals of Estate Planning. The American College Pressjo
^ a b Black's Law Dictionary, Fifth Edition (1979), p. 1357, ISBN 0-8299-2041-2.
^ [http://cyber.law.harvard.edu/trusting/unit5all.html "The New Palgrave Dictionary of Economics and the Law, Definition of "fiduciary duties" by Tamar Frankel Vol.2, p.127-128"]. Harvard Edu. http://cyber.law.harvard.edu/trusting/unit5all.html. Retrieved 2011-09-08.
^ http://www.charity-commission.gov.uk/Publications/cc3.aspx#f2
Retrieved from "http://en.wikipedia.org/w/index.php?title=Trustee&oldid=461646347"
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