Who is referred to as a "trustee" in estate planning?

In estate planning, a trustee is specifically designated as the individual or entity responsible for managing and administering the assets placed in a trust for the benefit of the trust's beneficiaries. This role is critical because the trustee has a fiduciary duty to act in the best interests of the beneficiaries, ensuring that the terms of the trust are followed and that the assets are managed prudently.

Trustees have various responsibilities, such as investing trust assets, making distributions according to the trust's terms, and maintaining records. The appointment of a trustee is often guided by the trust document itself, which outlines how the trust should be handled. This pivotal role helps ensure that the intentions of the grantor—who created the trust—are effectively carried out throughout the life of the trust.

Other options pertain to different roles within estate administration but do not encompass the specific responsibilities associated with a trustee. For example, a person appointed to sell estate assets is usually referred to as an executor or personal representative, legal advisors provide counsel rather than take on fiduciary responsibilities, and representatives of heirs focus on their interests rather than manage a trust’s assets.