A trustee is an individual or organization appointed to manage assets or property for the benefit of another party, known as the beneficiary, under the terms of a trust agreement. Trustees have a fiduciary duty to act in the best interests of the beneficiaries, adhering to the specific guidelines and objectives outlined in the trust document.
Trustee duties refer to the legal obligations and responsibilities that a trustee has in managing and administering a trust for the benefit of its beneficiaries. These duties are fundamental to ensuring that the trust is handled with care, loyalty, and in accordance with the terms set forth in the trust document and applicable law.
Fiduciary responsibility is a legal and ethical obligation for one party to act in the best interest of another, typically in financial matters, ensuring loyalty and care. This duty requires the fiduciary to prioritize the beneficiary's interests above their own, maintaining trust and transparency in all dealings.
Land trusts are legal entities that hold and manage property for the benefit of specific individuals or groups, often to achieve conservation, affordable housing, or community development goals. They provide a flexible mechanism for land stewardship, allowing for the separation of land ownership from land use, which can protect land from development pressures and preserve its intended use over time.