Which term describes the person or institution named that is given control of assets to be used for the benefit of another person?

• A. Conservator
• B. Guardian ad litem
• C. Guardian
• D. Trustee

Answer: (D)

Trustee is the person or institution named to control assets placed in a trust and use them for the benefit of another. In estate planning, a grantor funds a trust and appoints a trustee to manage the assets according to the trust terms and for the beneficiaries’ benefit. The trustee has fiduciary duties: act loyally, prudently invest and manage assets, follow the trust instructions, and keep proper records.

Conservator refers to someone appointed by a court to manage the financial affairs of a protected person, typically because they cannot do so themselves. Guardian protects a person (and sometimes their property) in guardianship proceedings. Guardian ad litem is a representative appointed specifically to advocate for a party’s interests in a particular legal case, not to manage assets over time.