- An individual that manages assets or holds legal title to property in order to administer it for a beneficiary.
overseer, guardian, defender, confidant
Related Terms and Acronyms
- Asset — Definition,
- Anything of monetary value that is owned by a person. Assets include real property, personal property, and enforceable claims against others including bank accounts, stocks, mutual funds, and so on.
- Bankruptcy Trustee — Definition,
- A private individual or corporation appointed to undertake bankruptcy proceedings for a individual or corporation.
- Beneficiary — Definition,
- An individual or entity chosen to receive benefits from a will, trust, deed or insurance policy.
- Estate Planning — Definition,
- The process of determining how assets will be dispersed after an individual's death, ideally in the most tax-efficient way possible.
- Executor — Definition,
- The person who manages the estate of a deceased individual.
- Informal Trust — Definition,
- Also known as in-trust account or "bare" trust, this is an investment account registered in an adult's name in trust for a child. The account is used to save/invest funds for a child, and the funds must be reserved for and used by the beneficiary child.
- Loss Payee — Definition,
- An entity that is legally entitled to the benefits of an insurance claim.
- Sprinkling Provision — Definition,
- A provision that gives a trustee the authority to distribute life insurance death benefits as he or she sees fit, and to those who need the money the most.
- Trust — Definition,
- A fund established like a will, specifying how money or property will be disbursed, lists the recipients or beneficiaries and names one or more trustees to manage the assets. An irrevocable trust can't be changed after the terms are finalized; a revocable trust has more legroom in how much can be transferred, but is usually costlier to maintain.