The trustee is the most important figure of the schema negotiation of trust: his lack involves the non-existence of the original store.
He is generally appointed by the settlor in the trust, which possibly has the power to appoint more than one trustee, specifically by regulating the internal relations between the co-trustees, in relation to which it is called “college trustee.”
The trustee takes over the ownership of the rights or ownership of the goods subject of the trust, which is passed to the store with the device, and has great freedom of disposition and administration, with the general limit and absolute respect of the purpose of the trust.
Although the trustee has formally title to the property, the latter not to be confused with his personal wealth: the so-called trust property (to be understood as the set of goods covered by the trust) is a separate asset, and the beneficiary is the owner substantially. In fact, in the event of failure of the trustee, the trust property is not included in the bankruptcy estate: his personal creditors cannot attack the object of the trust assets to satisfy their claims receivable. In addition, for tax purposes, the taxation of the trust property is separated from those forming the personal assets of the trustee.
The trustee, for his task to administer and preserve the assets vested in trust with the goal set by the settlor, usually plays an office free of charge, although the settlor in the trust may provide for a fee, you can arrange it as well as the judge, if the considers it necessary. By virtue of its status, the trustee is required to perform his duty with diligence and to abide scrupulously by the provisions in the trust. Violation of these duties implies the emergence of personal responsibility towards the recipient; This is always one of the finer points of the rules of the trust. He is liable for any breach of trust (breach of trust), from which is derived a wasting of assets (squandering of assets); more generally, it is often said that his responsibility coincides with the obligation to return the trust property to the condition it would have been if, during the term of the trust, the trustee had not committed errors. It should also be noted that the trustee must not derive any direct benefit from the management of the trust.