Wednesday, October 27, 2010
Richard C. Ausness (Gallion & Baker Professor of Law, University of Kentucky College of Law) recently published his article entitled The Role of Trust Protectors in American Trust Law, 45 Real Prop., Trust & Estate L. J. 319 (Summer 2010). An excerpt from the introduction is below:
This Article discusses some of the powers that settlors can give to trust protectors as well as some of the duties and potential liabilities that may come with this position. This Article also suggests what role a trust protector might play in connection with various types of trusts.
Part II of this Article examines the status of trust protectors in the United States. Part III identifies some of the powers that a trust protector may exercise and the sources of these powers. Part IV analyses a trust protector’s potential duties and liabilities. Part V discusses how a settlor may employ trust protectors to achieve various goals. Finally, this Article concludes by suggesting that the UTC be amended to explicitly recognize trust protectors and set forth their powers and duties.