A trustee is a person (or company) who has been entrusted by the grantor (the person who created the trust) to carry out the terms of the trust on behalf of the beneficiary. For legal purposes, the trustee is considered the owner of the assets in a trust.
A trust is an entity created by a legal document that holds assets. Trusts are created for a variety of reasons, including protection of assets, transfer of assets, privacy, and tax savings. A trustee is given control or powers of administration over the property in trust and has a legal obligation to administer it solely for the purposes specified in the trust document.