Definition of Incorporated trustee:
A corporation, trust company, or bank trust department that is given fiduciary responsibility for a trust account. This is in contrast to an individual who may be appointed a trustee, though both will have the same responsibilities in executing the wishes of the trusts grantor.
Incorporated trustees stand in contrast to an individual person or "natural trustee," who may also be selected as the trustee of such an account. In both cases, the trustee's role is to execute the instructions of the trust's grantor as well as manage the assets of the trust.
An incorporated trustee (also referred to as a "corporate trustee") is a corporation, usually a trust company, which is named as the trustee of an account such as a private trust or another fiduciary account.
How to use Incorporated trustee in a sentence?
- An incorporated trust is a trust company or corporation that has been named as the trustee of a private trust or other fiduciary account.
- Advantages of an incorporated trustee include the wealth of professional experience, networks available to an organization, and an objective outlook to managing finances as opposed to individual trustees with vested interests.
- Disadvantages of an incorporated trustee are the costs and complexity of setting up a professional trust and record management.
Meaning of Incorporated trustee & Incorporated trustee Definition