What is a trust protector?

A trust protector is a person or entity that is appointed to supervise a trust. In Michigan, a trust protector can serve the function of a “watchdog” for the trust, making sure the trust is managed responsibly and in accordance with the trustor’s wishes. A trust protector typically has broad authority to make decisions and changes regarding the trust agreement. This can include the ability to appoint, replace, or remove trustees; to approve or disapprove investments; or to fund or terminate trust assets. The trust protector can also interpret the trust agreement and make sure the trustee is managing the trust in a way that is consistent with the trustor’s wishes. Though the trust protector usually has broad authority, they are required to act in the best interests of the trust and its beneficiaries. Additionally, they are bound by fiduciary duties, which means they must exercise reasonable care in making decisions and handling trust assets. In Michigan, trust protectors can provide valuable protection for the trust and its assets by monitoring the trustee’s actions and intervening when necessary. This can help to ensure the trust assets are managed responsibly and that the trustor’s wishes are honored.

Related FAQs

How can I protect my investments?
What are the common uses for an asset protection trust?
What is an insurance trust and how does it work?
What is asset protection law?
What is a family limited partnership?
What is the difference between an irrevocable trust and a revocable trust?
How do I find a qualified asset protection attorney?
Are there any tax implications to asset protection planning?
What is a domestic asset protection trust?
Can an asset protection trust help me avoid probate?

What is a trust protector?

Related FAQs

Related Blog Posts