In this article, you can discover…
A trust protector is named within the trust or is appointed by the court. They exercise certain powers over the trust and are given special legal oversight.
The trust protector, however, is limited by what the terms of the trust allow them to do and can only make certain changes as needed.
Both a trustee and a trust protector have a fiduciary duty to the beneficiaries. Both have certain important legal responsibilities.
However, the trust protector differs in that they are not the initial person named to oversee the trust. Rather, they are appointed (often under court supervision by the courts) to take a second look at the trust and make minor changes as needed. For example, the trust protector might fix a mistake or make adjustments in light of changing tax laws.
The trust protector serves as a legal safety net for beneficiaries. The additional flexibility given to them to act within the guidelines of the trust allows for adjustments based on the needs of the beneficiary, changing tax laws, and other circumstances.
Attorney Myrna Setty is a seasoned estate planning lawyer serving Florida. For 10 years, she’s helped clients just like you understand the role of trust protectors and answered questions about successful trust management.
Have questions about trust protectors or other aspects of estate law? Reach out to The Law Firm of Myrna Serrano Setty, P.A. at (813) 686-7175 for an initial consultation today!
You would remove a trust protector based on the guidelines set forth in the trust and according to the trust code. If, for example, the trust protector has been appointed by the court after you have passed away, that same court could remove the trust protector upon a petition by the beneficiaries.
Common challenges that a trust protector might face relate to understanding the initial intent of the trust maker or the grantor. This is why it is important to make sure, with the help of an estate planning lawyer, that your trust is clear and that your intentions are explained carefully within the original document.
Still Have Questions? Ready To Get Started?
For more information on The Role Of A Trust Protector, a free initial consultation is your next best step. Get the information and legal answers you are seeking by calling (813) 686-7175 today.
Attorney Myrna Setty is a seasoned estate planning lawyer serving Florida. For 10 years, she’s helped clients just like you understand the role of trust protectors and answered questions about successful trust management.
Have questions about trust protectors or other aspects of estate law? Reach out to The Law Firm of Myrna Serrano Setty, P.A. at (813) 686-7175 for an initial consultation today!
You don’t have to handle probate and settlement on your own. Let The Law Firm of Myrna Serrano Setty, P.A. step in and take the burden of executorship off your shoulders. Call Us Now - (813) 686-7175
