A trustee is the person or entity (e.g., a commercial bank trust department) named to carry out the instructions contained within a trust document. The trustee is designated to control and manage the assets held by the trust.
When creating a trust, you should name two or three people as successor trustees in case the first-named trustee is unable to act. If you name an entity such as a trust company or a bank, be sure it agrees to act as trustee. Many firms have specific requirements with respect to the minimum amount of assets that they will manage. Individuals asked to serve as trustees should also be consulted prior to naming them in trust documents.
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