What are "trust protectors"?

Trust protectors are individuals or entities appointed to oversee the administration of a trust and ensure that the trust terms are followed according to both the grantor's intentions and applicable laws. Their role can include making decisions that may affect the trust, such as removing or replacing trustees, approving distributions, or modifying the terms of the trust if changes in the law or circumstances necessitate it. This oversight ensures that the trust operates smoothly and in line with the desires of the trust's creator, thus adding a layer of protection for beneficiaries and the trust assets.

In contrast, beneficiaries involved in decision-making do not have the same authority or responsibility as trust protectors; they benefit from the trust but are not primarily tasked with compliance and oversight. Lawyers who draft legal documents for trusts provide essential legal assistance, but they do not typically engage in ongoing oversight once the trust is established. Similarly, trustees are responsible for managing the assets of the trust and making operational decisions, but they may not possess the independent oversight function that a trust protector holds.