Private Trustee Law and Legal Definition

A private trustee is one to whom a property, either real or personal, has been given to be held in trust for the benefit of others. A private trustee is formed as a result of a private agreement between the settlor of a trust and the trustee. The trustee works for and with the family and beneficiaries. Some instance are: trustees of property for the benefit of children, benefit for married women, or for the payment of the debts of an insolvent, or for the management and winding up of some business.