Definitions
- Referring to a person who manages a trust on behalf of the beneficiaries. - Talking about a person who is responsible for ensuring that the trust's assets are managed properly. - Describing a person who is appointed to oversee the distribution of funds from a trust.
- Referring to a person who holds property or assets in trust for another person or group of people. - Talking about a person who is responsible for managing and distributing the assets of a trust. - Describing a person who is appointed to oversee the administration of a trust.
List of Similarities
- 1Both trustman and trustee are responsible for managing and overseeing the assets of a trust.
- 2Both trustman and trustee act in the best interests of the beneficiaries of the trust.
- 3Both trustman and trustee are appointed to their positions and have a fiduciary duty to act in good faith.
What is the difference?
- 1Term: Trustman is an older term that is less commonly used today, while trustee is the more commonly used term.
- 2Responsibilities: Trustman typically has a narrower set of responsibilities than trustee, who is responsible for managing and distributing the assets of the trust.
- 3Legal status: Trustee is a legal term that is recognized in most jurisdictions, while trustman may not be a recognized legal term in some places.
- 4Gender: Trustman is a gendered term that refers specifically to a male trustee, while trustee is a gender-neutral term that can refer to anyone in the position.
- 5Connotation: Trustman may have a slightly archaic or outdated connotation, while trustee is a more modern and widely recognized term.
Remember this!
Trustman and trustee are both terms used to describe a person who is responsible for managing and overseeing the assets of a trust. However, trustee is the more commonly used term and has a broader set of responsibilities than trustman. Additionally, trustee is a recognized legal term in most jurisdictions, while trustman may not be. Finally, trustman has a slightly archaic connotation, while trustee is a more modern and widely recognized term.
