what is a trustee 
a trustee is a person or firm that holds and administers property or assets for the benefit of a third party a trustee may be appointed for various purposes such as in the case of bankruptcy certain types of retirement plans or pensions or to manage assets for someone like a minor trustees have a fiduciary responsibility to the trust s beneficiary or beneficiaries this means a trustee must act in the best interests of the beneficiaries to manage their assets 