Thinking More Deeply on Trust Advisors and Protectors
by Matthew T. McClintock, JD
VP, Education | WealthCounsel
Once found only in offshore asset protection trusts, the use of trust advisors and protectors in the domestic trusts and estates context has increased dramatically over the past couple of decades. This has introduced a great deal of flexibility in trust design and administration — and some challenging issues for practitioners.
Lacking a significant body of statutory recognition or case law, trusts and estates attorneys can ead the way on defining and clarifying key elements of trust protectors and advisors, including:
- What powers should the protector hold?
- Does the protector owe a duty?
- Is the protector a fiduciary?
- How should a protector be compensated?
Please read this article to learn more about these essential issues, and why we, as learned professionals, should take the lead in guiding the law instead of waiting for the courts and legislatures to fill in the blanks.