In the past, trusts were drafted with little flexibility and Trust Protectors didn’t exist. However, over the past 50 years, trusts have been drafted with increased flexibility and Trust Protectors are now common. There are even ways under the laws of most states to change “irrevocable” trusts.
While the Trustee is the person who manages the trust on a day-to-day basis, the Trust Protector is called upon to act only in specified circumstances. The Trust Protector typically cannot be the Trustee, a beneficiary, or someone related or subordinate to either of them or the grantor of the trust.
Read more: https://www.aaepa.com/2019/09/use-trust-protectors-for-added-protection-and-flexibility/
Ryan Johnson began practicing with an established law office in Brunswick County in 2011 before starting his own firm in the fall of 2016.The Law Office of Ryan W. Johnson opened its current location on Howe St. in Southport in the spring of 2017 and continues to focus on estate planning and real estate transactions.The firm is proud to offer its collective experience and exemplary service to the residents of Ryan’s hometown and surrounding neighborhoods.
Latest posts by Ryan Johnson (see all)
- Income Tax Basis in Estate Planning - July 11, 2019
- Income Tax Basis - July 11, 2019
- Use Trust Protectors for Added Protection and Flexibility - April 25, 2019
