Who can be Trustee or Executor?
With a Living Trust and during your lifetime, you are your own trustee. You may wish to select a professional trustee to manage your assets in trust, but a professional trustee, such as a bank, trust company or title company is not required by law. After your death, a successor trustee, usually your spouse, will conduct the affairs of the trust. With a will, careful consideration must be made in deciding on an executor. They must be someone that you trust and is competent to serve. Keep in mind that if you select a peer that they may pass away before you do. With either decision, BARLAY | WEBSTER strongly recommends identifying alternative individuals to serve as executor or successor, in case your first choice is unable or unwilling to serve.
