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Simple English definitions for legal terms
judicial trustee
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A quick definition of judicial trustee:
A judicial trustee is a person appointed by a court to manage and execute a trust. A trust is when someone holds property for the benefit of another person. The trustee has a legal duty to protect and preserve the property and use it only for the beneficiary's benefit. There are different types of trustees, such as corporate trustees, testamentary trustees, and bankruptcy trustees. A trustee can also be held liable if they breach their fiduciary duty to the beneficiary.
A more thorough explanation:
Judicial Trustee
A judicial trustee is a person appointed by a court to execute a trust. A trustee is someone who holds legal title to property and owes a fiduciary duty to the beneficiary. The duties of a trustee include converting debts and securities to cash, reinvesting the cash in proper securities, protecting and preserving the trust property, and ensuring that it is employed solely for the beneficiary, in accordance with the directions contained in the trust instrument.
- A trustee appointed by a court to manage the assets of a minor child until they reach adulthood.
- A trustee appointed by a court to manage the assets of a person with a disability.
- A trustee appointed by a court to manage the assets of a bankrupt individual or company.
These examples illustrate how a judicial trustee is appointed by a court to manage the assets of a person or entity in need of assistance. The trustee is responsible for ensuring that the assets are managed in the best interests of the beneficiary, in accordance with the directions contained in the trust instrument.