Which term describes the individual or institution named to manage assets for another's benefit?

• A. Trustee
• B. Guardian
• C. Surety bond
• D. Reciprocal will

Answer: (A)

A trustee is the person or institution named to manage assets for another's benefit. A trustee holds property in a trust and administers it according to the trust document, using the assets to benefit the beneficiaries and investing prudently while keeping accurate accounts. This creates a fiduciary duty of loyalty and prudent stewardship toward those assets.

A guardian, by contrast, handles the personal and financial affairs of a minor or incapacitated person, not the ongoing management of a trust’s assets. A surety bond is a financial guarantee to ensure performance, not a role authorizing asset management. A reciprocal will is a form of will between spouses about disposition of assets, not a position that manages assets in trust.