A bare trustee is a legal concept where a person or entity holds property or assets on behalf of another person, known as the beneficiary. The bare trustee has no control or discretion over the property and must follow the instructions of the beneficiary. The bare trustee holds legal title to the property but has no beneficial interest in it. This arrangement is often used in trust agreements or when property is held in trust for minors or individuals who are unable to manage their own affairs. The bare trustee’s role is limited to holding and transferring the property as directed by the beneficiary.
A bare trustee is a legal concept where a person or entity holds property or assets on behalf of another person, known as the beneficiary. The bare trustee has no control or discretion over the property and must follow the instructions of the beneficiary. The bare trustee holds legal title to the property but has no beneficial interest in it. This arrangement is often used in trust agreements or when property is held in trust for minors or individuals who are unable to manage their own affairs. The bare trustee’s role is limited to holding and transferring the property as directed by the beneficiary.
A bare trustee is a legal term for someone who holds assets or property on behalf of another person, but has no discretion or control over how those assets are managed or used.
The duties of a bare trustee are limited to holding and safeguarding the assets or property for the beneficiary, and following any specific instructions given by the beneficiary.
No, a bare trustee does not have the authority to make decisions about the assets they hold. They must follow the instructions of the beneficiary.
Unlike other types of trustees, a bare trustee has no discretion or control over the assets they hold. They simply hold the assets for the beneficiary.
No, a bare trustee is not responsible for the actions of the beneficiary. Their role is strictly limited to holding and safeguarding the assets.
In most cases, a bare trustee can be removed from their position if the beneficiary chooses to do so. However, this may depend on the specific terms of the trust.
A bare trustee may be entitled to reasonable compensation for their services, but this would need to be agreed upon by the beneficiary.
Yes, it is possible for a bare trustee to also be a beneficiary of the trust, as long as they do not have any control or discretion over the assets they hold.
If a bare trustee dies or becomes incapacitated, a new trustee may need to be appointed to take over the role of holding the assets for the beneficiary.
No, a bare trustee is not personally liable for the debts or obligations of the trust. Their liability is limited to the assets they hold on behalf of the beneficiary.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 29th March 2024.
To help you cite our definitions in your bibliography, here is the proper citation layout for the three major formatting styles, with all of the relevant information filled in.
- Page URL:https://dlssolicitors.com/define/bare-trustee/
- Modern Language Association (MLA):Bare Trustee. dlssolicitors.com. DLS Solicitors. May 09 2024 https://dlssolicitors.com/define/bare-trustee/.
- Chicago Manual of Style (CMS):Bare Trustee. dlssolicitors.com. DLS Solicitors. https://dlssolicitors.com/define/bare-trustee/ (accessed: May 09 2024).
- American Psychological Association (APA):Bare Trustee. dlssolicitors.com. Retrieved May 09 2024, from dlssolicitors.com website: https://dlssolicitors.com/define/bare-trustee/
Our team of professionals are based in Alderley Edge, Cheshire. We offer clear, specialist legal advice in all matters relating to Family Law, Wills, Trusts, Probate, Lasting Power of Attorney and Court of Protection.
All author posts