Monday, February 1, 2016
Lawrence A. Frolik (Professor of Law, University of Pittsburgh School of Law) recently published an article entitled, Trust Protectors: Why They Have Become "The Next Big Thing," 50 Real Prop. Tr. & Est. L.J. 267-307 (2015). Provided below is an abstract of the article:
Settlors are increasingly naming trust protectors, particularly for trust that may endure for many years, because of the possible need to amend the trust in light of changing laws and changing circumstances. Trust protectors have also become popular for trusts with beneficiaries who have an intellectual disability that may prevent then from enforcing their beneficial interest in the trust. The selection of a protector, the powers to be granted the protector and the standard of care required of the protector require thoughtful consideration. This article also discusses the origin of trust protectors, their current statutory basis, and the few existing cases that analyze the legal status and role of a trust protector.