WHAT IS A TRUSTEE?
A trustee is a person who works with the court to administer bankruptcy cases. The trustee does not represent the debtor or any individual creditor and cannot give legal advice. Rather, the trustee has independent rights and duties that are set forth in the Bankruptcy Code. In a chapter 7 case, the trustee may take possession of the debtor’s non-exempt assets, sell them, and distribute the proceeds to creditors. In a chapter 13 case, the trustee administers the debtor’s plan of payment, collects the funds, and pays the creditors. The trustee will also oversee the first meeting of creditors.
A Trustee is the fiduciary put in charge of overseeing the day to day management of property owned by a trust. A Trustee can be an individual, an institution, such as a bank or trust company, or a combination of both. What Does a Trustee Do? A Trustee is responsible for managing all of the property owned by a trust for the benefit of the trust beneficiaries. The exact duties of a Trustee will vary based on what assets are owned by the trust. For example, if the trust consists of bank and investment accounts, then the Trustee will be responsible for overseeing these accounts. Or, if the trust owns rental real estate, then the Trustee will be responsible for managing the rental property. The Trustee can, depending on state law and the terms of the trust agreement, delegate certain duties to others, such as hiring a financial advisor to oversee investments or hiring a property manager to oversee rental real estate. But the Trustee must use good judgment and due diligence when delegating d
A pension plan is set up under a trust, so the assets of the fund are held separately from the company, by trustees. Therefore, trustees are the guardians of the plan’s funds/assets. The trustees of a pension plan have many duties and responsibilities. Primarily, the trustee must: Implement the terms of the trust documents Ensure all employer and employee contributions are received Ensure prudent investment of the trust fund Pay out benefits in accordance with the plan rules and legislation Act in good faith and in the best interests of the pension plan members Give appropriate information in accordance with the Pensions Act Keep proper membership and financial records Coyle Hamilton Trustees Limited provides advice on trustee matters, prepares draft deeds for the appointment or removal of trustees if necessary, and offers a professional trustee service.
The trustee is an official appointed by the bankruptcy court to exercise control over your property and debts. The trustee manages your case while it is in the court. The trustee and his assistants will examine the papers you submit to the court and look for non-exempt property to sell for the benefit of your creditors.
