Who can be a trustee of a trust?

In Pennsylvania, a trustee of a trust is the person or entity that is responsible for managing the trust and carrying out its terms. The trustee is in charge of the trust assets, which can include investments, property or other assets. It is important to select a reliable and responsible person or entity to act as the trustee. Generally, a trustee must be over the age of 18 and have the mental capacity and legal authority to manage the trust. In Pennsylvania, any resident or non-resident of the state can serve as a trustee, as long as they have the legal capacity to do so. Trustees can act as individuals, professional trustees, or corporate trustees. Individuals may be family members, friends, or financial advisors. Professional trustees are typically individuals or businesses that specialize in managing trusts. Corporate trustees are typically financial institutions that have the authority to manage trust accounts. Additionally, Pennsylvania law requires any foreign or non-resident trustee to get an additional license in order to manage the trust in Pennsylvania. The process for obtaining the license involves providing certain documents and financial information to the Pennsylvania Department of State. When selecting a trustee, it is important to consider the individual’s ability, character, and experience. You should also research their fees, as some professional and corporate trustees may charge a higher fee for their services than others. It is also important to choose a trustee that has the appropriate legal authority and skill to handle the trust’s assets in the way the trustor wanted.

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