What is a trust protector?
A trust protector is an individual who is appointed to oversee and protect the interests of a trust and its beneficiaries. In North Carolina, a trust protector may have the authority to do many different things including investing funds, modifying the trust, making distributions, and handling disputes between the trustor and the trustees. The trust protector is typically chosen by the trustor and can be either a natural person or a corporate entity. They are usually detailed in the trust document and may have the authority to change the trust document if necessary. It’s important to choose a trust protector who is knowledgeable about trust law and can represent the trustor and the beneficiaries’ interests with integrity. They should be someone who is trusted and respected by both the trustor and the beneficiaries of the trust. A trust protector’s primary responsibility is to protect and enforce the trust’s terms and to ensure that the trust’s instructions are carried out properly and that the beneficiaries’ interests are preserved.
Related FAQs
What is a reverse mortgage?What is advance healthcare planning and how can I do it?
What is a trust fund?
What is a durable financial power of attorney?
What is a HIPAA waiver?
What is a do-not-resuscitate (DNR) order?
How can I best protect my elder parent’s financial assets?
What is elder financial abuse?
What types of assets are exempt from being counted in determining Medicaid eligibility?
What is a qualified income trust (QIT)?
Related Blog Posts
Essential Questions to Ask about Elder Law - July 31, 2023Frequently Overlooked Considerations in Elder Law - August 7, 2023
Financial Benefits of Elder Law Planning - August 14, 2023
Navigating the Complexity of Long-Term Care Planning with Elder Law - August 21, 2023
The Cost of Not Planning for Elder Law - August 28, 2023