WHAT
IS A TRUSTEE AND WHO MAY ACT AS TRUSTEE?
Key to the use of trusts is who will act as trustee, making the
determination of when and how the benefits of the money of the trust
will be given. The trustee also determines how the money is
invested. Finally, the trustee is responsible to see that the
benefits sought from the trust are being accomplished.
In the past, it has been common for federal government agencies to act
as trustees for Native American trust accounts. However, recently
local tribal governments have been allowed to act as trustees, or to
choose third party trustees, administering what have become known as
Tribal Trusts.
For
your community's Tribal Trusts, your government may act as trustee, or
you may appoint Providence First as trustee of the trusts, or you may
have tribal members such as guardians or parents act as trustees.
In all of those situations, you may combine to have more than one
trustee, called "co-trustees," and require joint
decisions. You may also have professional help from Providence
First acting as the agent of the trustee, to handle all of the
administration of the trusts, taking directions from the trustees.
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Tight-weave
Woven Rug, 23 x 33, traditional design
--client
donation, Providence First Trust Company Private Collection
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