"Trustee" is a very broad term, used to describe any person or people responsible for holding, protecting, wisely investing, distributing, and/or otherwise handling the estate, monies, or assets of a person or group of people for another, or others. They have certain duties, including fiduciary duties. They must invest in the best interest of the person for whom the trust has been set up. They may be paid for their service in the US, but in the UK a trustee is purely an unpaid appointee that holds assets for a charitable enterprise. In the US, this is just one of many definitions for the term.

The term "trustee" is most often used in the case of settling a deceased person's estate, and the trustee is then responsible for ensuring that the conditions of the will be carried out, and the property distributed to the named beneficiaries. The trustee, in such a case, will be responsible for, and vulnerable to claims against the estate, or trust. If the claims against it are more than it is worth, the trustee may become personally responsible for paying the difference. Trustees may also be fined, sued, or relieved of their position for not acting in the best interest of the beneficiaries of the trust.

There are other uses for the term. In business, board members are often considered trustees for the company's investors, and bank directors for their clients. In the case of a person filing for bankruptcy, another individual will be named trustee for that person's assets, and is responsible for carrying out certain duties according to the applicable laws. A parent or guardian can be the trustee for a child or ward that is not yet of age to inherit or claim money or assets. Companies can appoint pension trustees for their employees, and in the bond market, a trustee is the person responsible for issuing a bond issue and ensuring that the issuer meets all the applicable terms.

Probably the least common meaning of the word "trustee" is a jailhouse meaning. It refers to an inmate that has earned special privileges through good behavior.

Liberty Media Files Suit Against Indenture Trustee Seeking Declaratory Judgment and Injunctive Relief
ENGLEWOOD, Colo., Aug. 6 /PRNewswire-FirstCall/ -- Liberty Media Corporation (Nasdaq: LINTA, LINTB, LCAPA, LCAPB, LSTZA, LSTZB) today announced that it and its subsidiary Liberty Media, LLC have filed suit in the Delaware Court of Chancery against The Bank of New York ("BNY"), in BNY's capacity as trustee under the indenture governing Liberty Media, LLC's public indebtedness.

Taneja Bankruptcy Trustee Initiates 45 Lawsuits in Connection with Ponzi Scheme
Fraudulent Transfer Suits Aim to Recover Millions from Culpable Parties WASHINGTON, July 27  /PRNewswire-USNewswire/ -- Wiley Rein LLP partner H. Jason Gold, the Chapter 11 bankruptcy trustee appointed by the United States Bankruptcy Court for the Eastern District of Virginia in the case of Vijay Taneja, announced today that he has filed 45 lawsuits seeking to recover almost $614 million from companies and individuals that received money transferred out of bank accounts controlled by Mr.

Globaltel Media CEO Named Trustee of Rady Children's Hospital IT Task Force
SAN DIEGO, June 28 /PRNewswire/ -- Globaltel Media today announced that its CEO Robert Sanchez has been appointed to the Rady Children's Hospital Information Technology Task Force as a trustee. In this role, Mr.