In its broadest sense, the term trustee can refer to any person who holds property, authority, or a position of trust or responsibility for the benefit of another. A trustee can also refer to a person who is allowed to do certain tasks but not able to gain income. In the strictest sense of the term a trustee is the holder of property on behalf of a beneficiary. Trustee may also refer to the bank or trust company designated to hold and administer trust property. A trustee has the duty to act in the best interests of the trust and its beneficiaries and in accordance with the terms of the trust instrument. A trustee must act personally, with the exception of the performance of some administrative functions, unless the trust instrument specifically gives permission for the tasks to be delegated.