Can a Beneficiary Act as Trustee? Understanding the Rules and Risks
Can a beneficiary be a trustee? This is a common question asked during estate planning and, under New York law, the simple answer is “yes.” While it is possible to let a beneficiary act as trustee, this arrangement can add complexity to the estate planning process and may not be the best path for your specific situation.
When an individual who stands to inherit assets also manages the trust, they walk a fine line between personal interests and the fiduciary obligations owed to all beneficiaries. This overlap of duties may create tension within families, invite allegations of bias, or even spark litigation. Because the consequences can be serious, understanding the legal framework is essential. At Miller & Miller Law Group, we help families explore their options, inform their decisions, protect their assets, and preserve the wishes of the grantor for future generations.
At Miller & Miller Law Group, we provide practical guidance and customized strategies no matter how complex your estate plan may be. Our goal is to turn uncertainty into clarity and bolster your confidence in the estate plan that works for you. We aim to reduce conflict, protect your assets, and honor the wishes of the grantor through thoughtful trust planning and administration. We will be candid in our analysis and forthright in our guidance. Call us today to schedule a conversation with one of our estate planning attorne
