Trustees

Trustees are individuals or a body of individuals who hold and administer property, assets, or funds for the benefit of a beneficiary or beneficiaries. They are legally and ethically obligated to act in the best interests of those for whom they are responsible, exercising prudence and diligence in their management. Their responsibilities can include investing assets, distributing income or principal, managing real estate, and overseeing other activities related to the trust. They are bound by the terms outlined in the trust document and must comply with relevant laws and regulations. They are accountable to the beneficiaries and, in certain circumstances, to courts of law. The role demands a high level of integrity, financial acumen, and a commitment to fulfilling the trust's purpose. They are, essentially, fiduciaries. Often, they work for trusts like those established in wills or charitable organizations.

Trustees meaning with examples

• The university's board of trustees held a meeting to discuss the institution's long-term financial planning and fundraising strategies, carefully considering proposals to ensure the university's sustainable operation. They demonstrated fiscal responsibility.
• Following the death of her parents, the children were relieved to find their parents had chosen two family friends to be the trustees of their children's inheritance. They were people they knew and trusted to always make good decisions.
• As appointed trustees of the charitable foundation, the members carefully reviewed grant applications from various non-profit organizations, assessing their projects' impact and financial accountability before allocating funds.
• The trustees of the retirement fund took a conservative approach to investing, spreading the fund over a wide range of assets to safeguard the retirement savings of the plan participants and ensure consistent growth.
• The trustees for the land trust took legal action to stop an illegal development on the property, thus preserving the natural environment for future generations to come. They held a high value on the environment.