A Trustee is the the person or persons to whom the settler transfers legal ownership of the property and on whom the responsibility for administering the trust falls to.
Lay Trustee
Professional Trustee
Bankruptcy Trustee
Public Trustee
Estate Trustee
LAY TRUSTEE
A lay is a "prudent, reasonable and honest person" who acts as the trustee.
PROFESSIONAL TRUSTEE
These are entities like trust companies and corporations and individuals such as private client accountants and estate administration lawyers that acts as the trustee.
Bankruptcy Trustee
A person licensed by the Superintendent of Bankruptcy to administer proposals and bankruptcies and manage assets held in trust. The trustee can give a debtor information and advice about both the proposal and bankruptcy processes and make sure that both the debtor's rights and the creditor's rights are respected.
Public Trustee
A person appointed by the government who, if required, will manage the money, land, and other belongings of people who die or who are incapable of handling their financial affairs.
Estate Trustee
In Ontario, the person or party named in the last Will and testament of the deceased and who has the primary responsibility for the administration of the deceased's estate. Also they are known as estate executor.
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Different Types of Trustees?
