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trustee

1. A person having a nominal title to property that he holds for the benefit of one or more others, the beneficiaries (see *trust). Trustees may be individuals or corporate bodies (see *trust corporation) and can include such specialists as *judicial trustees, *custodian trustees, and the *Public Trustee. A trustee must show a high standard of care towards his beneficiaries, must not allow his interests to conflict with those of his beneficiaries, and must not profit from his trust. He is not usually entitled to remuneration although he may recover expenses necessarily incurred (see *charging clause). Trustees may refuse their office, retire, or resign, but they remain liable for acts carried out during their trusteeship. The power to appoint replacement trustees is usually given either to the beneficiaries or to the remaining trustees; in default the court will appoint replacement trustees. Trustees have a wide range of powers and duties, including a duty to act equally between the beneficiaries and a power to advance money to them (see *advancement). In the exercise of their duties they are answerable to the court.

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