What is a trust protectorship?

A trust protectorship is an important responsibility within the realm of Trusts and Estates Law in Maryland. It is a designation given to an individual to act as a trustee, and manage the trust for the benefit of the beneficiaries. A trust protectorship is often held by a parent, spouse, or relative of the trust beneficiary, or by an appointed professional such as an attorney or accountant. The primary responsibility of a trust protectorship is to handle and manage the assets of the trust, and ensure they are invested and used wisely. The trust protector has the power to make decisions that are in the best interests of the trust, and can act as a check and balance against the actions of the actual trustee. The trust contents can be anything from money, investments, real estate holdings, or personal property. The protector must ensure that the trust contents are properly maintained and managed. This could involve checking on investments, buying and selling real estate, and protecting personal items. The trustee protectorship has the power to step in should the appointed trustee not fulfill their duties. This is especially important if the original trustee acts in a way that does not benefit the trust beneficiaries. The trust protector will be responsible for making sure that the trust is managed in the best interests of all involved.

Related FAQs

What is a special needs trust?
What is a durable power of attorney for healthcare?
What is a generation-skipping trust?
What are the advantages of a revocable trust?
Can I revoke a trust?
What is an irrevocable life insurance trust (ILIT)?
What is a trust certification?
How do I name a beneficiary in a trust?
What is an estate plan?
What is a special needs trust?

What is a trust protectorship?

Related FAQs

Related Blog Posts