Who should serve as trustee of a trust? Choices are usually family members or a corporate trustee from a bank or investment company.
I usually advise clients to look at their family members first, then use a corporate trustee if there is no one suitable. However, I always try to dissuade my clients from naming one child as trustee of another child’s trust as a means of preserving family relationships post-death. Grandparents can serve as trustee for the short term. However, if the parents or grandparents are Michael and Dina Lohan, I always advise that the client use a corporate trustee.