1. What are Trust Protector Provisions?
Trust Protector Provisions are optional provisions that can be included in your Trust. I created our Trust Protector Provisions in order to prevent a Trustee or Successor Trustee from abusing their powers as Trustee and to mediate beneficiary conflict. The Trust Protector is only involved if called upon to protect the integrity of the Trust: i.e. if the designated Trustee acts in an improper way; goes beyond their duties as Trustee; or attempts to change the Trust and its assets in ways that were not originally intended by the Trustor.
2. What powers does my Trust Protector have?
The Trust Protector does not have the authority to make major changes to your Trust and its distribution. Instead, the Trust Protector acts as a safety net, if needed, in order to protect your Trust from unwarranted action by a Trustee. The Trust Protector may mediate any disputes between Trustees and Beneficiaries, which can prevent your disputes from reaching Court proceedings, preventing time spent in Court and saving you from outrageous legal fees. The Trust Protector may remove a Trustee only if the Trustee is abusing their power. Grounds for replacement are specifically listed in the provisions. The Trust Protector may advise a Trustee on how to update a Trust to implement current laws and regulations regarding probate, taxation, and other new regulations that have been enacted since the creation of your estate plan. The Trust Protector is appointed only to act as a safeguard for your Trust and its intentions.
3. Who can be my Trust Protector?
You may designate anyone you would like to act as your Trust Protector. However, we act as Trust Protectors because we are familiar with your Trust document. Since we prepared your Trust, we understand our duties as Trust Protector as well as what rights your Trustees and Successor Trustees do and do not have.
4. I already have a Trust, can I add Trust Protector Provisions?
So long as your Trust gives you the power to amend, you may add Trust Protector Provisions.