Which entities qualify as corporate trustees?

• A. Only individuals
• 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 beneficiary

Answer: (B)

Corporate trustees are institutions, not individuals, that the law authorizes to administer trusts as fiduciaries. The entities that qualify are trust companies, banks that are authorized to exercise fiduciary powers, and national banks that have a principal office, branch, or trust office in the state and are duly authorized to exercise fiduciary powers. This reflects the requirement that only organizations with formal fiduciary authority may serve as trustees for trusts in the Surrogate’s Court. Guardians and beneficiaries do not qualify as corporate trustees: a guardian is a fiduciary for a protected person or minor, not a corporate trustee; a beneficiary is the recipient of trust assets, not the trustee.