Trust Protector - Trust(y) Watchdog or Expensive Exotic Pet?

    Date & Time

  • This webinar is now available On-Demand.
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    Event Type

  • On-Demand Webinar

    Cost

  • Free

Speakers



Mary A. Akkerman
Partner
Lindquist & Vennum, LLP




Alexander A. Bove, Jr.
Bove & Langa, P.C

Description

It's no secret that the trust protector has become the new kid on the trust block, with powers ranging from removing and replacing trustees, to adding or deleting beneficiaries, to a virtual re-writing of a trust. But is the trust protector really a new idea in trust law? Which trusts should have a trust protector and who should it be? What are the pros and cons of giving the protector such extensive powers and what drafting issues come into play? And most importantly, can we draft away any fiduciary duty?

When using a trust protector, drafting counsel often take one of two approaches. They either restrict the protector's power or the ability to remove and replace the trustee, which may be an underuse of the position—or they include a huge array of powers that can result in tax risks unanticipated by the draftsperson or the settlor. Our speakers will discuss appropriate powers and duties of the protector.

Join our speakers as they also analyze the position in light of several milestone cases on the subject (including the sole U.S. case). They'll review the origin of the protector and why it can be such a desirable position. They'll examine a number of conflicting state statutes on trust protectors and discuss the practical effect of the differences. They'll discuss the delicate drafting issues and comment on the role of the protector vis a vis the trustee and what happens when the two disagree. Finally, they'll offer a way to engage a protector only if and when one is needed; that is, the novel concept of the "springing protector."

Following the presentation, our speakers will engage in a live question and answer session with webinar participants, directly answering their questions about this important position in a trust.

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