SYRACUSE, NY - November 3, 2026 - Individuals establishing a revocable living trust in Central New York often wonder whether they should manage the trust themselves or appoint someone else to handle it. Syracuse living trust attorney Frederick P. Davies of Davies Law Firm (https://davieslawfirm.com/be-your-own-trustee-living-trust-new-york/) has released guidance examining the advantages, drawbacks, and alternatives to serving as one's own trustee under New York law.
Most people who create a revocable living trust serve as their own trustee during their lifetime, an arrangement that preserves complete control over investments, real estate, and bank accounts. Syracuse living trust attorney Frederick P. Davies explains that when a person creates such a trust, they typically fill the roles of trustor, trustee, and beneficiary simultaneously. "Combining these roles lets a person manage the trust without changing their normal financial routine," Davies says. "The trustor stays completely in charge of their property until illness or death requires a backup trustee to step in."
According to Syracuse living trust attorney Frederick P. Davies, management of a revocable trust changes very little day to day. Bank accounts, brokerage accounts, and real estate are retitled in the name of the trust, but the individual continues to control them, signing as "trustee" rather than as an individual. The trustor retains the power to amend or revoke the trust at any time, add or remove assets, and change beneficiaries.
Davies notes that the primary benefit of serving as one's own trustee is control, along with the elimination of ongoing management fees that a professional trustee may charge. A properly funded revocable trust also avoids probate, keeping asset and beneficiary details out of public court records. "For straightforward estates, self-trusteeship during one's lifetime is the standard, cost-effective approach," Davies observes.
The firm also cautions that drawbacks can surface when investments are extensive or health begins to decline. The most common limitation is the administrative burden of recordkeeping, tax filings, and following the trust's terms, since mistakes can create legal exposure. Attorney Davies points out that blended families, active businesses, multiple rental properties, or trusts intended to support beneficiaries over long periods may benefit from professional or co-trustee management.
William P. Davies, a partner at the firm who holds a Heckerling LL.M. in estate planning from the University of Miami, adds that New York law allows most capable adults to serve as trustee, including the creator of a revocable trust. "While a person is alive and managing their own revocable trust, they owe no fiduciary duties to anyone else," he explains. The rules change significantly for an irrevocable trust with other beneficiaries, where the trustee must follow the Prudent Investor Act, keep trust property separate from personal property, and maintain accurate records. Commingling assets creates legal liability.
The Davies Law Firm guidance explains that the Onondaga County Surrogate's Court handles trust disputes for Syracuse residents. Beneficiaries of an irrevocable trust may petition the court to compel an accounting or to remove a trustee who violates fiduciary duties. While a trust remains revocable, however, the trustor may remove and replace the trustee at will, a power reflected in EPTL § 7-1.16, which governs the amendment and revocation of a lifetime trust by the settlor.
Choosing a successor trustee is another central consideration. Attorney Davies advises selecting someone who is organized, financially responsible, trustworthy, and genuinely willing to accept the responsibility. A family member is a common choice for simple estates, though relatives may face conflicts of interest if they are also receiving an inheritance. The firm recommends always naming at least one alternate to keep the plan moving forward without forcing the family into court.
For those who prefer a middle ground, the firm notes that a co-trustee arrangement allows an individual to serve alongside another person or an institution, sharing responsibilities while gaining professional support for investments, accounting, and compliance. Many people use co-trustees as a transition tool, serving actively while able and ensuring a professional co-trustee is already in place should health decline. Corporate trustees, such as bank trust departments, typically charge an annual fee based on a percentage of assets managed in exchange for continuity and regulatory oversight.
For individuals weighing whether to serve as their own trustee in Central New York, consulting an estate planning attorney may help clarify how personal assets, family circumstances, health, and long-term goals affect the decision. Legal representation varies widely in scope and approach, and each estate plan requires individualized strategy.
About Davies Law Firm:
Davies Law Firm is a Syracuse-based estate planning firm located at 210 E Fayette St, serving clients throughout Onondaga County and Central New York. Founder Frederick P. Davies, Esq., who has presented more than 1,000 seminars on living trusts and estate planning, and partner William P. Davies, Esq., who holds a Heckerling LL.M. in estate planning, guide individuals and families through revocable living trusts, trustee selection, and successor trustee planning. For consultations, call (315) 472-6511.
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Company Name: Davies Law Firm
Contact Person: Frederick P. Davies
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Phone: (315) 472-6511
Address:210 E Fayette St
City: Syracuse
State: New York 13202
Country: United States
Website: https://davieslawfirm.com/