What are the Different Types of Trustee Jobs?
Trustee jobs come in a variety of different types. These include, but are not limited to, a bankruptcy trustee, an education trustee, a directed trustee and a pension trustee. Each of these jobs requires a high level of competency and responsibility because they exist to protect valuable assets. Trustees may perform their duties through court appointment, such as a bankruptcy trustee in a chapter 13, or they may be privately appointed or elected, such as an education trustee, pension trustee or even a directed trustee.
A trustee is one who is appointed to oversee and serve in the best interest of a particular trust. As such, the trustee assumes full responsibility for the care and operation of the trust. While trustee jobs may vary, the basic responsibility of a trustee remains consistent.
An education trustee is normally a member of a larger board of trustees. Collectively, these trustees are charged with the task of overseeing educational programs within a specified area or district. Among other duties, these trustee jobs exist to ensure that budgets are properly allocated and that educational programs are being properly and fairly administered to students.
A bankruptcy trustee is assigned by the federal court to oversee debt settlement and debt repayment. Trustee jobs within the federal bankruptcy court require an individual trustee to know all of the rules, regulations, policies and procedures involved in the bankruptcy process. A bankruptcy trustee is assigned at the beginning of the bankruptcy process and remains on the case for its duration. During this time, a bankruptcy trustee will assess debts owed and assets owned, meet with the bankruptcy petitioner and creditors, as well as schedule and oversee all debt repayment.
A pension trustee is one who is selected to manage a pension on behalf of its members. Often, a pension trustee is one member of a board of trustees working in the same capacity. Pension trustee jobs are normally offered after an election by the pension’s members, although some are appointed without an actual vote.
A security trustee is responsible for holding securities and investments for a trust and its creditors. These positions may be privately appointed or elected, although most often the duties of a security trustee are carried out by a financial institution. Those working in trustee jobs within the security sector require a high degree of financial education, as well as knowledge of different financial markets.
A directed trustee is usually a bank or other such institution. However, individuals may also hold these types of trustee jobs. The essential duty of a directed trustee is to apply the direction of another assigned trustee.
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