Role of Trusteeship Services: Safeguarding Assets and Ensuring Peace of Mind
Introduction to Trustee Services : A trustee is a person or business that holds the assets in trust or creates charge over the assets on and behalf of the beneficiaries of the Trust. For a number of reasons, such as in the event of bankruptcy, for a nonprofit organization, or for a trust fund, as per regulatory requirements a trustee may be appointed. A trustee must act in the trust beneficiaries' best interests since they have a fiduciary duty to them. Thus, a trustee is in charge of effectively managing all assets and property placed in the trust on behalf of the beneficiaries. The specific responsibilities of a trustee are clearly down in the trust agreement and are determined by the nature of the assets held in the trust. When a trust consists of other investments, Trustees are also obliged to oversee and manage the accounts inside the trust's financial structure, such as equities in a brokerage account. Responsibilities of a Trustee: Regardless of the specifi...