Trust protectors are commonly used in Foley, AL. Essentially, a trust protector is someone who serves as an appointed authority over a trust that will be in effect for a long period of time. 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 has the power to modify the trust to carry out the trustmaker’s intent. Similarly, the trust protector has the power to act without going to court—a key 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:
- Remove or replace a trustee who is not performing their duties appropriately or is no longer able or willing to serve
- Amend the trust to reflect changes in the law
- Resolve conflicts between beneficiaries and trustees or between multiple trustees
- Modify distributions from the trust in response to changes in beneficiaries’ lives such as premature death, divorce, drug addiction, disability, or lawsuits
- Allow new beneficiaries to be added when new descendants are born
- 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 important 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, as well as for, the trust’s accounts and property and its 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 If you have created a trust or are a beneficiary of a trust that feels outdated, call our office.
Starting a business requires a great deal of planning and execution. Exiting from your small business in Foley, AL, Gulf Shores, AL, or any other location should entail a similar level of forethought and preparation. Nevertheless, some surveys indicate that nearly half of business owners have no exit strategy. After years of expanding your business, […]
Fewer people are creating estate plans today than in years past. Research shows that in 2024, less than one-third of Americans report having a will. Every adult—whether they are 19 or 99—should have a will at a minimum. Many people in Foley, AL, Gulf Shores, AL, and beyond can also benefit from estate planning documents […]
Estate planning for blended families presents unique challenges and requires careful consideration. Individuals often try to balance providing for their spouse, taking care of their children from a previous marriage, and taking care of children from their new marriage. Whether you are located in Foley, AL, Gulf Shores, AL, or the surrounding areas, these considerations […]
As a millennial, you are contributing to the workforce in a major way and are making positive changes in the world around you. We understand that your concerns may differ from those of a previous generation, and we are here to help you craft an estate plan that protects your future and addresses the things […]
