What does Trustee mean?
Trustee refers to an individual or organization responsible for managing a trust account on behalf of another person, often a child actor or performer in the entertainment industry. The trustee has a legal duty to act in the best interest of the beneficiary, ensuring that the trust’s assets are managed responsibly. Trustees can be individuals, financial institutions, or legal guardians, depending on the terms of the trust. Related terms include Trust Account, which refers to the account being managed, and Beneficiary, the person who benefits from the trust.
Example:The financial institution acts as the trustee for the child actor’s Coogan account, ensuring the funds are properly managed until the actor turns 18.
Example: The producer appoints a trustee to manage the film’s production budget, ensuring that all funds are distributed according to the contract.
Did You Know?
Trustees are legally bound to manage trust accounts responsibly and in the best interest of the beneficiary, especially when dealing with child actors’ earnings!
You can also find “Trustee” and related terms in this category: Entertainment Law.
