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LSDefine
Simple English definitions for legal terms
protector
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A quick definition of protector:
A protector is someone who is appointed to oversee and manage a trust. They have broad powers to act for the benefit of the trust, such as removing trustees and modifying trust terms. They are usually not a trustee or beneficiary of the trust. In some cases, a protector can also be a person who has the responsibility of deciding whether a tenant in tail can sell or transfer their property.
A more thorough explanation:
A protector is a person who has the responsibility of overseeing and managing a trust. They are appointed to ensure that the trust is being managed properly and that the settlor's objectives are being met. A protector is usually not a trustee or beneficiary of the trust.
For example, a wealthy individual may create a trust to manage their assets. They may appoint a protector to oversee the trust and ensure that their assets are being managed according to their wishes. The protector may have the power to remove trustees and modify trust terms to promote the settlor's objectives.
Another example of a protector is in the context of a fee tail. A person who has been named as a protector of the settlement has the responsibility of exercising discretion over whether the tenant in tail may bar the entail. This means that the protector has the power to decide whether the tenant in tail can sell or transfer the property.
Overall, a protector is an important role in ensuring that trusts and fee tails are managed properly and in accordance with the settlor's wishes.