Having practiced Trust and Estates law for nearly 15 years, I have seen my share of the conflicts and difficulties that can arise when a Trust is poorly written or simply unsuited to changing tax or other laws when a Trust Grantor's death renders a living/revocable Trust irrevocable. In light of this, I take great interest in the relatively new role of a Trust Protector. Below is an overview of this emerging legal concept.
Under the Virginia Uniform Trust Code, a Trust Protector can be appointed to oversee the actions of the trustee and ensure the trust is administered according to the settlor's intentions. The Trust Protector's powers can be broad or limited, depending on the trust document.
Oversight and Accountability: A Trust Protector can provide an additional layer of oversight, ensuring the trustee acts in the best interests of the beneficiaries.
Flexibility: The Trust Protector can adapt the trust to changing circumstances, such as modifying trust terms or replacing trustees.
Dispute Resolution: The Trust Protector can help resolve disputes between trustees and beneficiaries, potentially avoiding costly litigation.
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