Can the only beneficiary of a trust also be the trustee in the state of Maryland? I am an only child and ask because I cannot understand why a huge fee should be paid an attorney every year after my Parents pass for doing nothing. I am quite capable of paying taxes, etc. In California, my friends are executors of their parents trust.
Answer
The person who sets up the trust (the settlor) picks whomever they want the Trustee to be. This could be a child, friend, attorney or whomever. The beneficiary usually cannot decide who fills this role (though the Trust might give some powers to the beneficiaries to select a replacement Trustee).
To answer the first question the law does place restrictions on a "one man" trust - ordinarily someone cannot create a trust, act as its sole trustee and beneficiary since that would mean nothing is really being done in trust for someone else. There are many types of trusts and a variety of ways to set up these trusts - while it cannot be a one man (or woman) show, the law gives the person who creates the trust freedom to pick whom they want to manage the trust assets.
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