VIEWS: 4 PAGES: 2 CATEGORY: Legal POSTED ON: 6/21/2011
Ever heard of a trust protector? They’ve long been popular in overseas trusts, and they’re gaining popularity here
What is a Trust Protector? Ever heard of a trust protector? They’ve long been popular in overseas trusts, and they’re gaining popularity here. When establishing a long-term trust, some people have concerns about the effect that changes in the law or other future circumstances might have on the way the trust operates. A trust protector is a person appointed to monitor such a trust, and to make sure that unforeseen changes in the future don’t have a negative effect on the way the trust functions. In addition to choosing the trust protector, the person establishing a trust can define the trust protector’s duties and powers. Common powers of a trust protector include: Removing or appointing trustees Resolving disagreements between the trustee and the beneficiaries of the trust Amending the trust (for example, due to changes in the law) Adding or removing beneficiaries Approving or vetoing a trustee’s investment decisions Anyone can serve as a trust protector, although the ideal choice is probably a neutral third party – someone who is neither related to the trustee nor to any of the beneficiaries. If you are interested in appointing a trust protector to monitor your trust, you’ll want to consult with a qualified estate planning attorney. An experienced attorney can help you ensure that the trust protector’s duties are clearly enumerated within the trust document, so that your wishes are carried out. Experienced estate planning attorneys Worcester MA of the Law Offices of James A. Miller estate planning and business planning resources to residents of Worcester MA. To learn more about these free resources, please visit www.worcester-estate-planning.com/ today.
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