Trusteeship denotes a connection with assets, which requires the Trustee to hold the assets for the benefit of a particular beneficiary or for a particular purpose and to deal with it with the same care as though it belonged to the Trustee.
A Trust situation can arise by law, by agreement with a Trustee, or by virtue of a Trust Deed or Will.
The Trustee, whether an individual or a legal entity, manages the assets in accordance with the terms and conditions of the document establishing the trust.
The beneficiary is the individual for whom the Trustee manages the assets in trust.
Outwardly, it may occasionally seem as though the Trustee is the owner of the assets, as in the case of a bank account in the name of and managed by the Trustee. Even in such a case, the assets remain those of the beneficiary until the fulfillment of the conditions specified in the trust document relating to the return of ownership into the name of the beneficiary or otherwise.
