What is a trustee?

A trustee is an individual or institution responsible for managing money, property, or other assets held in trust. In Oregon, trusts and estates laws are regulated by the Oregon Revised Statutes (ORS). Under ORS 114.005, a trustee is defined as “a person or entity holding legal title to a trust’s property as fiduciary for the beneficiaries of the trust”. In other words, the trustee is responsible for safeguarding the trust’s assets and administering them according to the terms of the trust document and the applicable laws. This can involve distributing income or assets to the beneficiaries, maintaining records, filing taxes, and performing other administrative tasks. In Oregon, trustees are regulated by ORS Chapter 123, which outlines the fiduciary duties of trustees, such as loyalty to the beneficiaries, care and prudence, and attention to the terms of the trust. In most cases, the creators of the trust (known as “settlors” or “trustors”) appoint a trustee. This can be a bank, the settlor themselves, or other individuals such as family members or loved ones. A trustee is a very important responsibility, and should always be selected with care. The trustee is a fiduciary, meaning they are held to a high standard of care and must always act in the best interests of the beneficiaries.

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