What is a trust protector?
A trust protector is a person or institution given legal authority over a trust. In the state of Maryland, a trust protector can be appointed by the trust’s creator, also known as the settlor. A trust protector is authorized to make certain decisions for the trust, such as changing a beneficiary, modifying the administrative provisions of the trust, and removing and appointing trustees. Additionally, the trust protector typically has final say in matters such as determining which beneficiaries will benefit from the trust. The trust protector is usually a trusted family member or friend, but may also be another professional such as a lawyer or accountant. It is important to note that the trust protector does not manage the trust or the assets held by the trust. Their role is more of an overseer, to ensure that the trust meets the intentions of the settlor, or creator, and make decisions as the settlor would. The trust protector may also be responsible for resolving disputes among co-trustees, beneficiaries, or other parties involved in the trust. Furthermore, the trust protector has authority to veto decisions made by a trustee, or remove a trustee if they are not performing their duties as outlined in the trust documents. In the state of Maryland, the trust protector can help protect trust assets and ensure the trust assets are managed and distributed as the settlor intended.
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