Trust Protector Services
What Is A Trust Protector?
A Trust Protector (sometimes referred to as a Trust Advisor) is an individual or entity who is appointed within a Trust Agreement and granted certain powers to protect the terms of the Trust. One of the most common powers of a Trust Protector is the power to remove and replace the Trustee. However, other powers may be included to further fortify and safeguard Trust assets and to ensure the Trust continues to be administered in accordance with the wishes of the Settlor. Ideally, a Trust Protector should be an objective party with no interest in the Trust.
Trust Protector Services
A Trust Protector’s role typically relates to four primary areas of concern:
- Changes in law affecting administration of the trust;
- Income and estate tax issues affecting settlors or beneficiaries;
- Asset protection for beneficiaries; and
- Trustee misconduct or mismanagement
A Trust Protector does not typically monitor the activities of the trust or trustee, but is called upon when circumstances warrant to exercise certain powers as needed. Trust Protector powers may include the following as appropriate for the circumstances:
- Power to remove and replace trustees;
- Power to correct scrivener errors and ambiguities;
- Power to amend administrative provisions of a trust;
- Power to request accountings;
- Power to mediate disputes between trustees and beneficiaries;
- Power to change situs and governing law; or
- Power to veto distributions.
Theus Law Offices provides trust protector services for domestic and off-shore trusts through Trust Protector Services, L.L.C., an Alaska limited liability company.
To learn more about Trust Protector Services, please visit www.trustprotectorservices.net
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Protecting Everything You Own and Everyone You Love...
Trust Protectors can be used for existing trusts that include proper provisions for a Trust Protector. Alternatively, it may be possible to reform an existing trust, or decant such a trust into a new trust with suitable provisions for a Trust Protector. We can provide comprehensive, experienced trust protector services - and do so for many of our estate planning clients. If you have questions about Trust Protectors or Trust Advisors, or any other estate planning topics, please contact our office to schedule a free consultation, or use the link below to schedule your Free 15-Minute Call with an experienced Estate Planning Attorney.