What does the term 'trustee' refer to in the context of a trust?

In the context of a trust, the term 'trustee' specifically refers to someone who is appointed to manage and oversee the trust assets for the benefit of the beneficiaries as outlined in the trust agreement. This role involves a fiduciary responsibility, meaning the trustee must act in the best interests of the beneficiaries, making decisions regarding the management, investment, and distribution of the trust assets in accordance with the terms set forth in the trust document.

A trustee is entrusted with the authority to handle the finances and assets that are held in the trust and is responsible for ensuring that these are used in a way that aligns with the trustor's intentions. This makes the function of a trustee distinctly focused on financial management and beneficiary welfare, highlighting the importance of this role in estate planning and wealth management.