Norway does not recognize the institution of the Trust. The trust is a legal device whereby ownership of a property is split between a person known as trustee, who is a person with the rights and powers of an owner and a beneficiary, for whose exclusive benefit the trustee is bound to use those rights and powers. This splitting of ownership is commonly expressed by saying that the trustee has the legal title and the beneficiary the equitable title to the property.The best translation would therefore be as you said yourself.

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Note added at 1 day17 hrs (2009-12-28 18:01:12 GMT)
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The directors (styremedlemmer) of a corporation are tillitsmenn. Tillitsmann is often used in conjunction with the issue of debt securities (obligasjoner). A oan fund with a series of identical securities and divisible among a class of multiple lenders, each of whom is given a bond or securities (obligasjoner) evidencing the aliquot parts of the whole loan to which he or she is entitled. Because of the large number of lenders, the tillitsmann is used for the purpose of representing the lenders in a loan transaction. If a loan transaction involves a security interest over the debtor's property, then the tillitsmann will stand as the secured party (panthaver). If the debtor breaches the loan agreement, the tillitsmann will take legal action on behalf of the lenders. Forvaltning is administration and in your case more suitable from what you have attached of information here. It covers a much vider area and is more easily understod by the majority within business/corporations. Forvaltning (forvaltningsservice) is portfolio management as an example and I believe your case fits in here. It covers cases such as verdipapirrett and holding money/dividend on behalf of others. I would say in laymans terms that it is covering a more positive aspect of being in charge/control of positive assets than for being a tillitsmann. As we do not have the equivalent terminology in Norwegian forvalter encapsulate a much wider area of responsibility than that of a tillitsmann. You can also add as a fotnote that the closest equivalent in Norwegiab is forvalter for trustee in this case. I am no expert but I do have a law degree from the U.K and I had to deal with exactly the same issue as this in some of my thesis as I have also done comparative law and studied law in Norway as well. I am also a translator for the second largest law firm in the world, DVLA Piper, as well as being a court interpreter, and DVLA Piper were originally a U.K law firm before they branched out. So, I work with lawyers both in the U.K and Norway. What I have written you here has been generally ackowledged and for this reason you should be safe in the knowledge that forvalter is your best option. In my opinion I think you have a very good grasp of translating Norwegian and English and of your subject area. This issue of Trust and Trustee is not an easy subject when it comes to translation and I think you are spot on with your understanding and suggestion on how to translate this issue in question. If you should ever be further stuck with legal terminology then please feel free to contact me on; [email protected] I am only writing you in English here as there will be other translators interested in this discussion. I will of course write you in Norwegian if you contact me directly. I am only happy to help a fellow translator as I know how frustrating it can be when you get stuck with something and having dead lines etc. Best of luck!