Using Trust Protectors in Estate Planning: Improving Flexibility and Control

Adding a trust protector can make your plan more flexible and controlled. This blog will explain what a trust protector is, their roles, and the benefits they offer to your estate plan.

What is a Trust Protector?

A trust protector is an individual or entity appointed to oversee the administration of a trust. They act as an intermediary between the trustee and the beneficiaries, making sure that the trust is managed according to your wishes. The trust protector has specific powers outlined in the trust document, which can include making changes to the trust or resolving disputes.

Roles and Powers of a Trust Protector

The trust protector’s primary role is to make sure that the trustee adheres to the terms of the trust. They have the authority to review the trustee's actions and intervene if the trust's provisions are not being followed properly.

In some cases, the trust protector can modify the terms of the trust to adapt to changing circumstances. This can include adjusting distributions, changing beneficiaries, or amending trust terms to comply with new laws.

If a trustee is not performing their duties satisfactorily, the trust protector has the power to remove and replace them. This is to guarantee that the trust is always managed by a capable and trustworthy individual or entity.

Resolving Disputes

The trust protector can act as a mediator in disputes between trustees and beneficiaries. This helps in resolving conflicts without resorting to lengthy and expensive legal battles.

Benefits of Using a Trust Protector

Including a trust protector in your estate plan adds flexibility. They can adapt the trust to unforeseen changes, such as changes in law or family circumstances, so that your original intentions are still met.

A trust protector provides an additional layer of oversight and control over the trust administration.  By having the authority to review, modify, and replace trustees, a trust protector helps protect the trust from potential mismanagement. 

The ability of a trust protector to resolve disputes helps maintain harmony among beneficiaries and ensures that the trust administration runs smoothly. This can prevent costly and time-consuming litigation.

For more information, contact our office at Askew & Associates, P.A. by calling 954-546-2699.

Disclaimer: this blog post is not intended to be legal advice. We highly recommend speaking to an attorney if you have any legal concerns.