Trustee is a term that is typically used to describe a person or entity that is entrusted with the care of another's money or assets. A trustee may be the administrator of a trust set up by a deceased person prior to his or her death. A trustee can have oversight of a health and welfare investment fund offered to members of a labor union or other professional association. A trustee generally owes a fiduciary responsibility to the beneficiaries of the trust that he or she administers. This means that the trustee has the responsibility of acting with due care and solely in the best interests of the fund's investors. In this regard, the trustee must avoid competing interests, and act only in a manner that is reasonably calculated to best benefit investors. Trustees are also responsible for complying with the terms of any contracts or plans in effect, as well as with any applicable state and federal laws.