What is a trust protector?
A trust protector is a person, or entity, that is appointed to serve as a guardian over a trust to ensure that the trust is being managed properly. This person usually has limited authority to make decisions regarding the trust on behalf of the grantor or beneficiary. In Oregon, trust protectors are typically appointed to protect the interests and well-being of any beneficiaries of the trust. Responsibilities of a trust protector can include reviewing trust accounts, ensuring annual tax documents are up to date, and monitoring trust investments, just to name a few. They also have the ability to remove or add trustees if necessary, or make any other changes or amendments to the trust. Trust protectors must be impartial, and act solely in the best interest of the beneficiaries of the trust. For example, if the trust protector finds that the trustee is not acting in the beneficiary’s best interests, they could terminate the trust agreement and appoint a new trustee. Ultimately, trust protectors play an important role in protecting trusts from potential abuse, mismanagement, or other irregularities.
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