Trust protectors are commonly used in the United States. Essentially, a trust protector serves as an appointed authority over a trust that will be in effect for an extended period. Trust protectors ensure that trustees maintain the integrity of the trust, make solid distribution and investment decisions, and adapt the trust to changes in law and circumstance. 

Whenever changes occur, as they are bound to do, the trust protector can modify the trust to carry out the trustmaker's intent. Significantly, the trust protector can act without going to court—a critical benefit that saves time and money and honors family privacy. 

Here Are 6 Ways a Trust Protector Can Help You

Your trust protector can take the following actions:

1.      Remove or replace a trustee who is not performing their duties appropriately or is no longer able or willing to serve

2.      Amend the trust to reflect changes in the law

3.      Resolve conflicts between beneficiaries and trustees or between multiple trustees

4.      Modify distributions from the trust in response to changes in beneficiaries' lives, such as premature death, divorce, drug addiction, disability, or lawsuits

5.      Allow new beneficiaries to be added when new descendants are born 

6.      Veto investment decisions that might be unwise

Warning

The key to making a trust protector work for you is to be very specific about the powers available to that person. It is essential to authorize that person and any future trust protectors to fulfill their duty to carry out the trustmaker's intent—not their own.

Can You Benefit from a Trust Protector?

Generally speaking, the answer is yes. Trust protectors provide flexibility and an extra layer of protection for the trustmaker's intent and the trust's accounts, property, and beneficiaries. Trust protector provisions can easily be added to a new trust and older trusts may be changed to add a trust protector. If you have created a trust or are a beneficiary of a trust that feels outdated, call our office now.

Contact Hartmann Law Today

If you have questions about Trusts, contact our office to speak to an estate planning attorney.

Take steps to start your Life and Legacy planning today!  Take action to ensure your voice is heard when you are unable to speak for yourself.  Make the decision to protect yourself, your loved ones, your business, your property.   

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