Trusteeship refers to the responsibility of managing and overseeing assets or property on behalf of another party, known as the beneficiary. This arrangement is often formalized through a legal agreement, where the trustee is obligated to act in the best interest of the beneficiary, ensuring that the assets are used appropriately and responsibly. In many cases, trusteeship is seen in contexts such as trust funds, charitable organizations, or estates. The trustee may be an individual or an institution, and their duties include making financial decisions, maintaining records, and ensuring compliance with relevant laws and regulations.