The asset, property or estate is valuable to everyone who owns it. It may be an asset from our ancestors or the assets we have purchased; anyhow it holds value that speaks generation after generation. The estate or the property we have should be handed over to a faithful people when we are about to leave this earth. This is a common practice from ages that the person who is owner of asset or assets will put a trustee over it and hand over it to the trustees when they leave. Some people leaves their property as it is in the will without taking proper arrangements but most of the people plan before hand to hand over the assets safely to the faithful persons. There are laws and regulation to write the will and laws to hand over the assets to the descendants. The law gives the procedure and regulations to be followed in terms of handing over the property or representing a trustee.
Some people in their old age without any doubts they just hand over the property to the right persons but some people prepare will in which they give instructions that the property goes to so and so when the owner dies. In the will copy, usually they mention who can own the property when the current owner dies. For this the owner has to hire a lawyer and do all the formalities perfectly. If it is a trust then the law differs from the law that is for the personal properties. Of course the trust may belong to a single person but there are members called trustees who operate the trustee with the founder or the owner. The trustee is a responsible person who administrates the trust in order to benefit the beneficiary.
The trustee is a person who administrates the trust on behalf of the beneficiary in regard with the benefits of the beneficiary. The benefitting the beneficiary is the sole concern of the trustee. The trustee should ensure that money or assets will not be given to the persons in case the person is a spendthrift. The trustee is responsible for the money and the asset and he or she should ensure that no one should waste or misuse the fund or the asset.
Trust is a first trait
The foremost trait of a trustee should be trust, the person should be trustworthy that is what the name trustee implies. They may be a person from the same family or a relative to the owner. The trustee should be well known to the owner for some time may be years so that the owner can trust the trustee in order to benefit the beneficiaries.
Commitment is the second trait
The trustee should have a commitment to work as a trustee, because being a trustee is not an easy job, it requires different levels of commitment. The trustee is trusted to manage or regulate the lump sum of money as a single person; unless he or she is committed they can’t be faithful and efficient in managing the money and the asset.