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Should You Be Your Own Trustee? Pros, Cons, and Alternatives - Davies Law Firm
From Davies Law Firm - Should You Be Your Own Trustee? Pros, Cons, and Alternatives looks at whether serving as your own trustee makes sense for a revocable living trust in Syracuse, New York. Most people who establish a living trust act as trustor, trustee, and beneficiary at once, allowing them to manage bank accounts, real estate, and investments exactly as before, with a successor trustee stepping in only upon incapacity or death. The description explains how New York law treats trustees, including the fiduciary duties and the Prudent Investor Act that apply once an irrevocable trust with…
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