The trustee is the individual or entity who or which administers or manages the principal assets according the terms and conditions of the trust contract.. The trustee has a fiduciary relationship with the beneficiary. This means that the trustee must administer or manage the principal assets for the advantage of and to the benefit of the beneficiary. The rights, powers and, obligations of the trustee are set forth in the trust contract. The beneficiary and the trustee can be the same individual or entity.