A trustee holds money or assets in trust for the benefit of others. Trustee jobs can be found in banks, law firms, or non-profit organizations. Trustee duties vary based on the trust instrument. Trust administrator jobs require at least a two-year college degree.
A trustee, or trustee, is any person or entity who holds money or assets in trust for the benefit of others. Trustee jobs can be found at banks or other financial institutions, law firms, or in the not-for-profit sector. Trust trustee job duties will vary based on the specific requirements of the trust instrument, a type of contract that sets out who the trust is for and how it will be disbursed.
A trust typically involves three parties. The creditor is the person or entity that creates the trust with cash or assets. The beneficiary or beneficiaries are the people for whom the trust is created, for example a minor child. The trustee oversees the trust and invests or disburses the assets for the benefit of the beneficiary in accordance with specific guidelines set forth in the trust.
Many trust administrator jobs are in banks and other financial institutions. Some banks have an entire department dedicated to trust management. These professionals handle various individual, corporate or charitable trusts. Trust administration includes reading and understanding the trust document and sometimes investing the funds to earn additional interest during the trust period. The trustee will also be responsible for disbursing trust funds to beneficiaries either at regular intervals or as a lump sum at the end of the trust period.
Trust trustee jobs can also be found in law firms. Trusts are often drafted by attorneys who specialize in applicable trust laws. Because trusts are sometimes established as part of a will, the attorney handling the will can serve as trustee, either temporarily or permanently. In the case of bankruptcy, attorneys are often designated to act as trustees, ensuring that the debtor’s money or assets are collected, sold, and proceeds paid to creditors in accordance with applicable bankruptcy laws.
In some cases, the trust document will establish a not-for-profit organization as the entity that will serve to administer the trust. The trustee in this case might be employed by the non-profit organization. Smaller non-profit organizations often delegate this authority to banks or lawyers because of their legal expertise.
Trust administrator jobs generally require at least a two-year college degree, and many require a four-year bachelor’s degree or higher. Lawyer administrators naturally possess a law degree in addition to a bachelor’s degree. Trustees may also have education and training in accounting, law, banking and finance, bookkeeping, or general business.
Protect your devices with Threat Protection by NordVPN
