A trustee is the person or corporation tasked with administering the trust for the benefit of the beneficiaries.
A trustee therefore has certain powers and duties (often set out in the trust deed and legislation) and must generally strike a fair balance between the beneficiaries whilst also ensuring that they preserve and maximise the value of the trust.
Although trustees will usually hold the legal title to assets, they do so on behalf of the beneficiaries.
Trustees can usually bring and defend legal proceedings on behalf of the trust.