Sometimes it is necessary to name a trust protector as well as a trustee.
Because it is not always possible to name the right person to be a trustee over an estate, it is sometimes necessary to designate a trust protector, according the Yuma Sun in “Estate Planning: Who oversees a trust administration?”
Basically, a trust protector is someone who has the authority to make decisions concerning the trust in the event there is conflict between the trustee and the beneficiaries. Trust protectors can also be given other powers if desired, such as the ability to modify trust terms under certain circumstances.
In essence, the trust protector stands in for the creator of the trust and seeks to ensure that the trust operates properly.
An estate planning attorney can guide you in the choice of a trustee as well as a trust protector.
Call (443) 470-3599 today and schedule a consultation with Maryland Attorney Britt L. Stouffer to learn more about Estate or Elder Law and how she can help you.
Reference: Yuma Sun (Aug. 8, 2016) “Estate Planning: Who oversees a trust administration?”