In order for a trust to exist, besides the assets, which do not necessarily have to be huge or of great economic value, there must necessarily be a trustee, who lives and dies with the trust.
The trustee is the person tasked with managing the pooled assets, for the benefit of the beneficiaries and/or the purpose established by the settlor. A trustee becomes, temporarily at least, the “owner” of the assets, although trustees do not have all the powers of an owner and are required to abide by the applicable legal provisions and the instructions laid down by the settlor in the trust deed.
This, of course, is a guarantee for the settlor who entrusts the trustee with the assets.
The trustee can be either a physical or a legal person (a company or other organization): the difference lies in the guarantee and in the duration, which can differ between a legal and a physical person.
The trustee can fulfill his or her obligations for free or for a consideration: once again this depends on the arrangements agreed with the settlor.
The protector is an optional figure who has the task of overseeing the activity of the trustee.
The protector guarantees the correct execution of the Trust and checks that this is done according to the provisions of the Trust deed. He may also be entitled of an investigative right against the trustee for the performance of certain tasks.