What is a trust protector and how does it work?

A trust protector is a person or entity appointed by the grantor of a trust to ensure that the trust’s purpose is being carried out. The trust protector has the power to appoint and remove trustees, modify certain provisions in the trust, and act as an arbiter in matters concerning the trust. In Kansas, the trust protector is allowed to make decisions about all aspects of the trust, except for changes to the beneficial interests of the beneficiaries. The trust protector must act in the best interests of the trust beneficiaries. The trust protector’s role is to protect the trust from fraud, inappropriate use of trust assets, or any other events that could endanger the trust. They are independent from the trust’s trustees and are not held to the same fiduciary duties. Instead, the trust protector is held to a duty of care to the trust beneficiaries. The trust protector must make decisions in their own independent judgment and without regard to influence from the trustees or other parties. The trust protector can be either an individual or a corporate entity. In either case, they must be appointed with approval of the court, and with the consent of the grantor and the beneficiaries. The trust protector is usually compensated for their services, and their fees are considered part of the trust’s expenses. In Kansas, trust protectors can be a great asset for those looking to exercise greater control over their estate. They can help ensure that the trust’s purpose and goals are being achieved, as well as offering the peace of mind of having an impartial third party involved in the trust’s administration.

Related FAQs

What happens if I don't have an estate plan?
How can I reduce the estate tax burden?
What is the difference between a living trust and a testamentary trust?
How do I transfer a business after I die?
How should I select executors for my estate?
What steps should I take to make sure my estate plan is properly executed?
What are the estate planning laws in my state?
How can I transfer real estate without probate?
Should I hire a lawyer to help with my estate planning?
What is a revocable living trust?

What is a trust protector and how does it work?

Related FAQs

Related Blog Posts