Trusteed Meaning: Definition, Examples, and Translations
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trusteed
[หtrสstiหd ]
Definition
legal term
The term 'trusteed' refers to property or assets that have been placed under the management or protection of a trustee. A trustee is an individual or entity that holds the trust property for the benefit of another party, known as the beneficiary. When something is described as trusteed, it implies that it is governed by the terms of a trust agreement. This ensures that the trustee has a fiduciary responsibility to manage the assets in accordance with the trust's provisions and for the best interest of the beneficiaries. Trusteed assets can include a variety of properties and investments, serving to protect the rights and interests of those intended to benefit from the trust.
Synonyms
fiduciary, managed, trusteeship.
Examples of usage
- The trusteed funds will be used for the college education of the beneficiaries.
- She was appointed as the trusteed lawyer to manage the family estate.
- The trusteed assets will remain protected until the beneficiaries reach adulthood.
Translations
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Interesting Facts
Law
- In legal terms, a trustee holds and manages assets for the benefit of another person or group, known as the beneficiary.
- Trusteeships can arise in various contexts, such as wills, estates, or specific agreements, ensuring proper management.
- Failure to fulfill a trustee's duties can lead to legal consequences, including penalties or loss of position.
Finance
- Trusteed accounts are often used to manage funds for minors until they come of age, or for other beneficiaries who may need assistance.
- Investment trusts allow pooled investments managed by trustees, intended to provide returns to all investors involved.
- Trustees play a crucial role in overseeing the compliance and performance of fiduciary accounts, ensuring ethical standards are met.
Social Context
- In community organizations, trusteed positions help ensure that resources are managed fairly and transparently.
- Trusteed roles often require a high level of integrity and accountability, as they involve significant responsibility.
- Cultural practices around trusts can vary widely, influencing how communities manage collective assets.
Origin of 'trusteed'
Main points about word origin
- Derived from the word 'trust', which comes from the Old Norse 'traust', meaning strong or firm.
- The concept of being 'trusteed' grew from ancient practices of managing property for others, especially in noble families.
- The '-ed' suffix indicates a completed action, showing that someone has accepted this responsibility.
The word 'trusteed' derives from the term 'trust,' which has its roots in the Latin word 'trustis,' meaning 'a confidence or reliance placed in another.' The evolution of the term reflects the development of legal and fiduciary concepts in medieval England, where trust arrangements began to take more formalized shapes in common law. Over time, with the establishment of the court system and fiduciary obligations, the role of a trustee became essential in managing assets for the benefit of another party. The concept of a trust and the term 'trusteed' have since become foundational in estate planning, property management, and financial fiduciary practices.