HopefullyInLawSchool
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Simple English definitions for legal terms
trust protector
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A quick definition of trust protector:
A trust protector is a person who is given a specific role in a trust document to make sure the trust is being used for its intended purpose. They have a lot of power, like the ability to choose or remove trustees and advisors, and change the rules of the trust. Not all states consider the trust protector to be a fiduciary, but in Delaware they usually are.
A more thorough explanation:
A trust protector is a person assigned by the trust document to fulfill the purpose of the trust. They have specific duties and powers that are defined in the trust document. The trust protector is not always a fiduciary, but in some states like Delaware, they are.
The trust protector has a lot of power over the trust, including:
- Removing or appointing trustees and advisors
- Modifying or amending the governing instrument of the trust
For example, if a trust is set up to provide for the education of a child, the trust protector may have the power to appoint a new trustee if the current trustee is not fulfilling their duties properly. They may also have the power to modify the trust if the child's educational needs change.