Kiritsis & Associates


What is a trustee's role?

Jul 16, 2021

Kiritsis Law Group 212 922 0005

By: John Kiritsis, Esq., CPA, MBA, MS, JD, LL.M

Generally,  a trustee refers to one who holds property in trust for another person. A trustee is often paid for his function but he may also be unpaid. The existence and extent of the trustee’s fiduciary duties could vary wildly, among different jurisdictions. In the United States, trust law is generally a creature of state statute. It is possible for trustee to be 1 natural person, multiple natural persons  (i.e. a board of trustees in an institution) a fictional entity (i.e. a corporation or law firm acting as the trustee for many trusts) and/or any combination of the above (i.e. certain special purpose entities in the securitization industry). In addition, a trustee is in many situations appointed by the court (i.e. bankruptcy trustee). It is a good idea that a trustee should possess the following documents: (1) Able to enter and execute legally binding documents; (2) Able to read and file complicated documents, and (3) Possess a good moral character, and; (4) Possess indemnification insurance. 


Law Offices of Kiritsis & Associates 

Phone # 212 922 0005

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