What is a trust protector?

A trust protector is a person or entity that has the authority to oversee, manage, and protect a trust and its assets. Trust protectors are appointed by the trust grantor or creator to serve in the event that the original grantor or creator is not able to manage the trust. In West Virginia, trust protectors can be appointed in order to ensure that the trust assets are used for the benefit of the beneficiaries according to the grantor’s wishes. Trust protectors are appointed to maximize the trust’s value and protect the interests of the beneficiaries or to ensure that the trust’s assets are used for specific purposes as designated by the grantor. The duties of a trust protector will vary depending on the terms of the trust. Generally, a trust protector’s duties include monitoring the trust and ensuring that the assets are managed according to the grantor’s wishes. Trust protectors also have the authority to appoint and remove trustees, change the terms of the trust, and approve distributions from the trust. In West Virginia, trust protectors are usually appointed by the grantor of the trust. Trust protectors can be either individuals, such as a family member or a trusted friend, or can be a corporate entity, such as a bank or trust company. In either case, trust protectors must be qualified by knowledge and experience to serve in this capacity. A trust protector can also be appointed by the court in the event that the grantor is incapacitated or deceased.

Related FAQs

Are there special probate rules for minors?
What is a testamentary gift?
What are the duties of a trustee?
What is a trust protector?
Can probate be expedited?
What is an executor's responsibilities?
What is the difference between executor and administrator?
Can an executor be sued?
Can an executor be removed?
What are the tax implications of probate?

What is a trust protector?

Related FAQs

Related Blog Posts