Which entities may serve as corporate trustees?

• A. An individual person
• B. Any trust company, any bank authorized to exercise fiduciary powers and any national bank having a principal, branch or trust office in this state and duly authorized to exercise fiduciary powers.
• C. A guardian
• D. A distributee

Answer: (B)

In Surrogate’s Court practice, a corporate trustee must be a corporate entity that has been authorized to act in a fiduciary capacity. That means banks or trust companies that hold fiduciary powers and are organized as corporations. The entities that fit this description are: any trust company; any bank that is authorized to exercise fiduciary powers; and any national bank with a principal, branch, or trust office in the state that is duly authorized to exercise fiduciary powers. Individuals or non-corporate roles aren’t “corporate trustees.” Guardians and distributees aren’t suitable either—the guardian serves as a personal fiduciary for a ward, and a distributee is a beneficiary, not a trustee. The rule ensures the trustee has the corporate structure and authority to manage the trust property under court supervision.