What is the role of a trust protector?
In Tennessee, a trust protector is a person that is tasked with ensuring the trust beneficiary’s interests are protected above all else. Trust protectors are typically someone that can be trusted to act with the best interests of the trust beneficiary in mind, such as a family member or close friend. Trust protectors have the power to oversee trust activities, review trustees’ activities, and intervene to protect the trust beneficiary when necessary. This means that the trust protector can exercise their authority to review and approve trustee decisions, or veto the trustee if they are not acting in the best interests of the beneficiary. The trust protector also has the power to remove and appoint trustees. This provides a layer of protection, as if the current trustee is not acting in the best interest of the beneficiary, the trust protector can appoint a new trustee that will do so. Trust protectors also monitor the trust to ensure it is being managed properly and all assets are accounted for. They also ensure that the terms of the trust are being followed and that the assets are distributed according to the instructions of the trust. Overall, the role of the trust protector is to act as an extra layer of protection for the beneficiary’s assets, ensuring that the trust is being managed responsibly and in the best interest of the beneficiary.
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