Trustee Responsibilities

Breach of Trust
A breach of trust occurs when a trustee acts contrary to their fiduciary obligations, which can involve misappropriation of trust assets or failure to act in the beneficiaries' best interests.
Commingling of Funds
The practice of mixing personal funds with client or customer funds by a fiduciary or trustee, which is generally prohibited by law unless an exact accounting is maintained.

Accounting Terms Lexicon

Discover comprehensive accounting definitions and practical insights. Empowering students and professionals with clear and concise explanations for a better understanding of financial terms.