Trustee

n. person granted legal custodianship over property not belonging to him; one who is appointed to administer an institution (Law)

v. place in the care of trustees or a trustee; grant a person or persons legal custodianship over property not belonging to them; appoint a person or persons to administer an institution (Law); garnish a debtor's wages or property on behalf of a credit

Trustee is a legal term that refers to a holder of property on behalf of a beneficiary. A trust can be set up either to benefit particular persons, or for any charitable purposes (but not generally for non-charitable purposes): typical examples are a will trust for the testator's children and family, a pension trust (to confer benefits on employees and their families), and a charitable trust. In all cases, the trustee may be a person or company, whether or not they are a prospective beneficiary.
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Noun
1. a person (or institution) to whom legal title to property is entrusted to use for another's benefit
(synonym) legal guardian
(hypernym) fiduciary
(derivation) entrust, intrust, trust, confide, commit
(classification) law, jurisprudence
2. members of a governing board
(synonym) regent
(hypernym) committee member
(member-holonym) governing board
(derivation) entrust, intrust, trust, confide, commit

(v. t.)
To commit (property) to the care of a trustee; as, to trustee an estate.
  

(v. t.)
To attach (a debtor's wages, credits, or property in the hands of a third person) in the interest of the creditor.
  

(n.)
A person to whom property is legally committed in trust, to be applied either for the benefit of specified individuals, or for public uses; one who is intrusted with property for the benefit of another; also, a person in whose hands the effects of another are attached in a trustee process.
  

The individual(s) or corporations(s) to which legal ownership of assets is transferred under the terms of the trust deed. It is the duty of the trustees to administer the trust in accordance with the terms of the trust deed and the general law.