What is the Role of Trust Protectors?

Trust planners are lately becoming an essential part of estate plans in Pennsylvania as well as across the United States.

Now, if you are unfamiliar with the term, a trust protector, as the name suggests, is appointed to look over or protect the trust so that the variation in the law does not adversely impact it.

Following are some of the advantages of appointing a trust protector.

#1 Modify Trust Terms Without Formal Alterations

A trust protector is assigned enough power to make changes to the trust terms indirectly without formal amendments. Though this is not common, some of the trust decisions do need revisions.

#2 Correcting Uncertainties

While crafting your estate plan, it is imperative to be as detailed as possible. This leaves your estate plan unambiguous. However, in continuously varying situations, your estate plan might not be applicable any longer, and this is where a trust protector steps in.

#3 Ensuring Tax Advantages are Realized

State and federal laws keep on incorporating new changes that can potentially impact how the trust is administered. You can give the power to your trust protector to modify the terms so that the legal and tax advantages are realized.

#4 Modification of the Trust After Your Death

A trust protector is given detailed instructions about the trust and is given the power to make changes to the trust after your death. In order to meet your estate planning goals, your trust protector would be permitted to make crucial decisions. This ensures that your goals are satisfied.

Contact an Experienced Estate Planning Attorney?

If you want further information or any help regarding a trust protector, contact us right away. At Keystone Asset Protection and Estate Planning, we would be more than delighted to provide our services so that you can protect your assets and preserve your hard work.