In an inter vivos (lifetime) trust, who may serve as trustee?

In an inter vivos (lifetime) trust, who may serve as trustee?

• A. Only NY residents may serve as trustee
• B. Anyone may serve as trustee
• C. Only relatives of the settlor may serve
• D. A court must appoint the trustee

Answer: (B)

In a lifetime (inter vivos) trust, the person or entity who serves as trustee is chosen by the settlor to manage the trust assets for the beneficiaries. There are no strict restrictions requiring the trustee to be a New York resident or to be related to the settlor. The trustee can be an individual, a bank or trust company, or another qualified entity, and the settlor can even name themselves as trustee if they wish. The important point is that the trustee must be capable of fulfilling fiduciary duties and must follow the terms of the trust and applicable law. A court would only appoint a trustee if no trustee is named, or if the named trustee cannot or will not serve, or if court supervision is otherwise required.

In a lifetime (inter vivos) trust, the person or entity who serves as trustee is chosen by the settlor to manage the trust assets for the beneficiaries. There are no strict restrictions requiring the trustee to be a New York resident or to be related to the settlor. The trustee can be an individual, a bank or trust company, or another qualified entity, and the settlor can even name themselves as trustee if they wish. The important point is that the trustee must be capable of fulfilling fiduciary duties and must follow the terms of the trust and applicable law. A court would only appoint a trustee if no trustee is named, or if the named trustee cannot or will not serve, or if court supervision is otherwise required.