The trust document may appoint a trust protector and set out their powers. The trust protector specific duties will be as assigned in the trust document, but they are generally to direct the trustees in their administration of the trust, and ensuring the purpose of the trust is fulfilled.
Definition from Nolo’s Plain-English Law Dictionary
A person or company with the job of keeping an eye on a trustee and making sure the trusts purposes are fulfilled. The trust protectors powers, which are set out in the document that creates the trust, may include helping the trustee with legal, investment, and tax matters. The trust protector may also have authority to settle disputes among trustees or beneficiaries and may be able to appoint a new trustee if the original one isnt following the terms of the trust.
Definition provided by Nolo’s Plain-English Law Dictionary.
August 19, 2010, 5:26 pm