What is a trust protector?

A trust protector is a person or entity appointed to monitor a trust and take action for the benefit of the trust’s beneficiaries. The trust protector holds a fiduciary duty to the trust and has the authority to modify the trust or create a new trust if needed. Trust protectors are often appointed to look out for the best interest of the beneficiaries, while the trustor is unable to do so. In Washington, trust protectors are appointed by the trustor and have powers to make decisions on behalf of the beneficiaries. This power can be limited by the terms of the trust, such as requiring the trust protector to take specific actions, or requiring the trust protector to obtain permission from a court before making changes. The trust protector may also have the authority to appoint or remove trustees, make investment decisions, and direct distributions. The trust protector is responsible for acting in the best interests of the trust beneficiaries, and their actions are subject to review by the courts.

Related FAQs

What is a pour over will?
What is a revocable trust?
What are the tax implications of probate?
When is an estate considered closed?
What is probate avoidance?
What happens if an executor fails to distribute assets?
What is a lapsed beneficiary?
Is probate the same in every state?
Can probate be avoided?
Can an executor be sued?

What is a trust protector?

Related FAQs

Related Blog Posts