NAICS Code 523991-14 - Trustees

Marketing Level - NAICS 8-Digit

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NAICS CODE 523991-14
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Looking for more companies? See NAICS 523991 - Trust, Fiduciary, and Custody Activities - 2,385 companies, 16,320 emails.

NAICS Code 523991-14 Description (8-Digit)

Trustees are professionals who are responsible for managing assets and making decisions on behalf of a trust's beneficiaries. They are appointed to ensure that the trust is managed in accordance with the trust agreement and applicable laws. Trustees have a fiduciary duty to act in the best interests of the beneficiaries and to manage the trust's assets prudently.

Parent Code - Official US Census

Official 6‑digit NAICS codes serve as the parent classification used for government registrations and documentation. The marketing-level 8‑digit codes act as child extensions of these official classifications, providing refined segmentation for more precise targeting and detailed niche insights. Related industries are listed under the parent code, offering a broader context of the industry environment. For further details on the official classification for this industry, please visit the U.S. Census Bureau NAICS Code 523991 page

Tools

Tools commonly used in the Trustees industry for day-to-day tasks and operations.

  • Trust accounting software
  • Investment management software
  • Estate planning software
  • Tax preparation software
  • Legal research databases
  • Financial analysis tools
  • Risk management software
  • Compliance monitoring tools
  • Document management software
  • Communication and collaboration tools

Industry Examples of Trustees

Common products and services typical of NAICS Code 523991-14, illustrating the main business activities and contributions to the market.

  • Family trusts
  • Charitable trusts
  • Pension trusts
  • Employee benefit trusts
  • Real estate investment trusts (REITs)
  • Unit trusts
  • Testamentary trusts
  • Living trusts
  • Asset protection trusts
  • Special needs trusts

History

A concise historical narrative of NAICS Code 523991-14 covering global milestones and recent developments within the United States.

  • The "Trustees" industry has a long history dating back to the Middle Ages when the concept of trust was first introduced in England. The industry has since evolved to become a crucial part of the financial sector worldwide. In the United States, the industry has seen significant growth since the 1970s, with the introduction of new trust laws and regulations. Notable advancements in the industry include the development of new trust products and services, such as asset protection trusts and special needs trusts, as well as the adoption of new technologies to improve efficiency and security in trust administration.