Friday, November 1, 2013
The use of Trust Protectors is a new tool for domestic estate planners. Now, Trust Protector’s provide more oversight over the trustee actions. Trust Protectors can prevent self-dealing and incompetence.
However, Forbes contributor, Jay Adkisson, does not believe that Trust Protectors should be managing the fiduciary activities of the trustee. He explains the role of monitoring the trustee belongs to the co- trustees or the beneficiaries. Then those individuals can bring their complaints to the Trust Protector who can remove the trustee.
See Jay Adkisson, A Critique of the Trust Protector as a Fiduciary, Wealth Strategies, Oct. 30, 2013.