What is a trust protector?
A trust protector is a person or entity appointed by the trust creator (or settlor) of a revocable living trust to oversee the trust’s administration. Trust protectors help ensure that the trust is administered according to the wishes of the settlor. A trust protector’s duties may include reviewing investment decisions, monitoring compliance with trust provisions, reviewing estate tax returns, and approving distributions to beneficiaries. In Hawaii, trust protectors are authorized by the settlor in the trust document, which outlines the protector’s duties and powers. Depending on the settlor’s wishes, a trust protector may be able to remove or appoint trustees, remove or add trust beneficiaries, change investment advisors, or even modify or revise trust provisions. The trust protector is also responsible for communicating with the beneficiaries to determine their wishes and reviewing any changes in the terms of the trust. A trust protector is an important part of trust administration as they provide an extra layer of oversight for trust assets. A trust protector can help ensure the trust’s assets are managed responsibly and in accordance with the settlor’s wishes. As such, when creating your trust, carefully consider who should be appointed as your trust protector.
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