A trustee is responsible for managing and caring for someone else’s property or needs for their benefit. Trustees can have various roles and certifications, which vary by country or jurisdiction. They are not caretakers but can arrange for personal services. Professional trustees must meet specific eligibility requirements and renew their certification.
A trustee is someone who accepts responsibility for caring for another person’s property or needs, for that person’s benefit. The person will place their trust in the trustee to account for and manage that person, not for the benefit of the trustee. There is a great element of trust, especially if the person receiving services becomes ill, weak, or incapacitated.
Trustees can fill a wide variety of roles. They are appointed by the court to be guardians. They can also act as personal representatives of properties. They also act as trustees, representative payees of income from Social Security and other income plans, or agents under power of attorney.
It should be noted that the roles a trustee plays and how they are certified and appointed vary by country or jurisdiction. Even different states in the United States have different rules for trustees. In some states, there are public and private trustees. A public trustee is appointed by a board of supervisors and certified by the state. The board may appoint you as guardian or representative when no one else is able or willing to serve. The fees of a public trustee and his staff must be approved by the court and must be paid by the estate.
A private trustee is a non-family member who serves for a fee and must also be certified by the state. The private trustee may serve when he or she is not a beneficiary of that estate. Private fiduciaries charge fees or hourly rates for the specific services they provide. Your fees must be approved by the court, and the court determines what fees are considered reasonable.
Trustees should not be considered as caretakers. The trustee will not provide personal services such as bathing, dressing, or housekeeping. However, he or she will arrange for these services to be provided.
In most jurisdictions, there are also professional trustees. These trustees are generally certified by a court and governed by a professional trust association. This means they must be certified and meet specific eligibility requirements. They must also take initial training and pass a test, provide a set of fingerprints, and pass a criminal background check. Certification generally must be renewed; In some jurisdictions, the renewal period is every two years. In most US states, family members are not required to be certified to serve as trustees for their own family members.
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