How would you like a guardian angel watching over your investments? Impossible you say? Many sophisticated investors who have their assets in a trust are using something called a “trust protector” to look over the activities in the trust and to protect the beneficiaries. A trust protector is something (and someone) you can describe in your trust to assure that the trust is not just protected by changes in tax law or other circumstances but that you can take full advantage of new laws that are passed. For example, a trust protector may be given the right to change the situs of the trust to a different state if it would be advantageous.
Senior trust officer of Provident Trust, Neil Schoenblum, says ” A trust protector is an important concept. Basically, it’s an individual that the creator trusts that basically floats above and watches over everything to make sure that everything’s being effectuated in the client’s best interests and desires.”
Talk to your estate attorney to see if it makes sense for you to have trust protector language in your trusts.