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Definition of 'trustee'
A trustee is a third party charged with taking care of the property owned by a living trust. In fact, legal title, meaning paper title, to the property in the living trust is actually held in the name of the trustee, subject to the terms of the living trust, for long as the property is in the living trust. The trustee takes care of all the administrative tasks relating to the trust, including preparing and filing all the required trust paperwork such as tax documents, conveyance documents and distributions to the beneficiary.
Nearly all living trusts are created by a written trust agreement. The trust agreement will appoint a person to act as the trustee. Most often, the trustee is either the person who is creating the trust or, if a third-party, an attorney, title company or a bank officer.
The trustee's serves in that capacity for as long as the trustee wants to, or as long as the trust document identifies. Acting as a trustee is generally not a legal requirement, which means the trustee can resign at any time. In that instance, many trust documents identify a successor trustee, or at least a procedure for the appointment of a successor trustee.
The advantage of serving as trustee of a trust that you create is that you don't have to pay anyone else to act as the trustee. The other advantage is that you retain control over the trust property even though you no longer own the property personally. On the other hand, the advantage of being appointed as a third-party trustee is that you receive compensation for your duties as the trustee. Most trust agreements provide for generous compensation for the trustee.
Most people create a living trust as a means to avoid probate after they die. Unless you have a significant worth of more than $3 million, there's probably little benefit to creating a living trust other than avoiding probate. In that case, it often makes sense to name yourself as the trustee. As a practical matter, creating a living trust and naming yourself as a trustee is a mere legal formality to help you avoid probate. For all practical purposes you will hardly notice whether you own the property personally or whether you own the property as trustee of the living trust.