Trust ProtectorsTrust Protectors
Although trusts are, according to many theories, hundreds of years old, their provisions have changed more in the past 30 years than in the previous 300 years. The catalysts are not only increasingly complex laws, but also the fact that trusts are more multi-jurisdictional. Evidence, the recent rise of the trust protector a term virtually unheard of before the widespread use of international trusts.
Alexander A. Bove, Jr., partner, Bove & Langa, P.C., Boston
Although trusts are, according to many theories, hundreds of years old, their provisions have changed more in the past 30 years than in the previous 300 years. The catalysts are not only increasingly complex laws, but also the fact that trusts are more multi-jurisdictional. Evidence, the recent rise of the trust protector — a term virtually unheard of before the widespread use of international trusts. The problem is that the estate-planning bar has adopted the use of the trust protector a bit too hastily, without adequate research and circumspection. We need to focus on the true role of the trust protector and avoid some of the more serious, but all too common, problems in drafti...
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