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.