A trustee is a person or organization appointed to manage assets or property on behalf of another party, known as the beneficiary. Their primary responsibility is to act in the best interest of the beneficiary, ensuring that the assets are handled according to the terms of a trust agreement. This role often involves making financial decisions, managing investments, and distributing funds as specified. Trustees can be appointed in various contexts, such as in estate planning, where they manage a trust created by a deceased person, or in legal situations, like bankruptcy. They must adhere to fiduciary duties, which require them to be honest, transparent, and accountable in their management of the assets.