Having a trust protector in place allows a long-term trust to be more flexible and to adapt to these changes.
A trust protector can also be helpful if you anticipate that there may be conflict between your beneficiaries, or if you have concerns about the trustee you selected.
You can name a trust protector in your trust document and specify the trust protector’s powers. The more specifically you define the trust protector’s powers, the more likely your estate planning wishes are to be fulfilled. Some of these powers may include removing and replacing a trustee, allowing the trust to be amended due to changes in the law, and resolving disputes between trustees.
A trust protector can also be given the power to change distributions from the trust, add new beneficiaries, or make investment decisions. Your estate planning attorney can help you define your trust protector’s powers.
When choosing a trust protector, it is a good idea to appoint an independent third party rather than a family member or beneficiary. An accountant or lawyer is often a good choice. Speak to your estate planning attorney to determine if it would be beneficial to use a trust protector to safeguard your trust.
If you have questions about trust protectors, please contact my office.