Final answer:
A trustee is the individual or institution that manages property within a trust for the benefit of a beneficiary, according to special legal agreements. They work with executors where necessary and are distinct from the benefactors themselves. The role of a trustee is crucial in ensuring that a trust fund is administered effectively.
Step-by-step explanation:
The person or institution that manages property for the benefit of someone else under a special agreement is called a trustee. This entity has a fiduciary responsibility to handle the assets in the trust as per the terms set by the grantor, who creates the trust. A beneficiary is the individual for whom the trust has been established to benefit, while the custodian is responsible for the physical care or custody of property, and the executor is a person assigned by a will to manage a deceased's estate, often in collaboration with the trustee.
Trusts are often used to manage and transfer a person's assets efficiently and privately. A trustee is therefore responsible for administering these trust funds in the best interests of the beneficiaries, which can include anything from generating income to preserving the value of the trust's assets. This concept aligns with the notion of wealth being a trust fund that needs to be managed wisely to yield beneficial outcomes for the community, making the trustee an agent fulfilling their duty.