Submitted by Anonymous on Tue, 06/02/2009 - 08:36
I've been thinking about getting an estate plan done and had a question about trusts. I believe in Massachusetts a Trustee can also be a beneficiary, right? And if that is the case, the trustee/benficiary has to treat all the other beneficiaries fairly under MA law?
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Editor's Response
Yes indeed. The trustee of a trust can also be a beneficiary. In fact it is very common for parents to establish a trust with a child named as trustee or as a successor trustee. And you are also correct that trustees have certain fiduciary duties, legal responsibilities toward the beneficiaries, responsibilities that are defined both by the laws of Massachusetts and by the terms of the trust. For example, trustees must put the interest of the beneficiaries ahead of their own and ahead of the interests of any other party. And, as you suggested, trustees must also treat ALL beneficiaries fairly and not favor one over the other, or favor himself (as a trustee/beneficiary) over the others. For more information or to post a question, visit our MA Estate Planning discussion Forum. Good luck, and please tell your friends about The Forum.