Who is considered the entity that holds legal ownership of trust property?

The trustee is the entity that holds legal ownership of the trust property. In the structure of a trust, the trustee is tasked with managing the trust assets in accordance with the terms set out in the trust agreement. This role involves overseeing the trust's investments, making decisions that align with the best interests of the beneficiaries, and ensuring that the trust operates within the legal framework established for its management.

While beneficiaries have equitable ownership (meaning they receive benefits from the trust), it is the trustee who possesses the legal title to the assets. This separation of legal and beneficial ownership is fundamental to the operation of trusts, ensuring that the trustee is accountable for managing the trust property responsibly and in alignment with the beneficiaries' interests.

The custodian, on the other hand, may hold physical custody of the trust assets but does not have the same fiduciary responsibilities as the trustee. The trust committee can provide oversight or consultative guidance but does not hold legal ownership of the trust property. The distinction between these roles is essential in trust law, highlighting the importance of the trustee's function in the administration of a trust.