Trustee (or the holding of a trusteeship) is a legal term which, in its broadest sense, can refer to any person who holds property, authority, or a position of trust or responsibility for the benefit of another. A trustee can also refer to a person who is allowed to do certain tasks but not able to gain income. Although in the strictest sense of the term a trustee is the holder of property on behalf of a beneficiary, the more expansive sense encompasses persons who serve, for example, on the Board of Trustees for an institution that operates for a charity, for the benefit of the general public, or a person in the local government.
A trust can be set up either to benefit particular persons, or for any charitable purposes (but not generally for non-charitable purposes): typical examples are a will trust for the testator's children and family, a pension trust (to confer benefits on employees and their families) and a charitable trust. In all cases, the trustee may be a person or company, whether or not they are a prospective beneficiary.

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  1. wired

    Adding a trustee post 41F ?

    I want to add a trustee to my trust in the post 41F implementation world. Not sure what the regs actually state now as far as adding a trustee to an existing pre 41F trust. Anyone know?
  2. CountryGent

    Successor Trustees and 41F

    Well 41F is the rule of the land. Personally, we've done all our NFA acquisitions via a Trust written by a lawyer. All our Form 4s were done by paper and the Form 1s via eForms with absolutely no issues. Now we're back to paper for everything and some extra legwork (e.g., new forms...
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