Does a bank or trust company have to be involved?
No. If you choose, you can name a bank or trust company to be trustee of your trust and to manage your financial affairs. Most people choose to use individual trustees. The person who creates the trust is, almost always, named as the first trustee. They then designate successor trustees to handle their affairs if they become disabled or die.
No, the law doesn’t require a corporate trustee even though individual circumstances may warrant it. If an individual or couple are willing and able to assume the responsibilities of being their own trustee, they can do so. With death, incapacity, or lack of interest, a successor trustee steps in. The successor trustee may be anyone the individual chooses to nominate. For example, a good friend, a son or daughter over the age of eighteen, a minister, or professional such as a trust company or bank.
