Trust Protectors: Why They Have Become 'The Next Big Thing'

43 Pages Posted: 11 Mar 2016

See all articles by Lawrence A. Frolik

Lawrence A. Frolik

University of Pittsburgh - School of Law (Emeritus)

Date Written: December 1, 2015

Abstract

Settlors are increasingly naming trust protectors, particularly for trusts that may endure for many years, because of the possible need to amend the trust in light of changing laws and changing circumstances. Trust protectors have also become popular for trusts with beneficiaries who have an intellectual disability that may prevent them from enforcing their beneficial interest in the trust. The selection of a protector, the powers to be granted the protector and the standard of care required of the protector require thoughtful consideration. This Article also discusses the origin of trust protectors, their current statutory basis, and the few existing cases that analyze the legal status and role of a trust protector.

Keywords: trusts, trust protector, trustee, powers, Uniform Trust Code, duties, standard of duty, statutory interpretation, state protector statutes, estates, fiduciary

JEL Classification: K11, K39

Suggested Citation

Frolik, Lawrence A., Trust Protectors: Why They Have Become 'The Next Big Thing' (December 1, 2015). Real Property, Probate and Trust Law Journal, Vol. 50, p. 267, 2015, U. of Pittsburgh Legal Studies Research Paper No. 2016-08, Available at SSRN: https://ssrn.com/abstract=2744900

Lawrence A. Frolik (Contact Author)

University of Pittsburgh - School of Law (Emeritus) ( email )

3900 Forbes Ave.
Pittsburgh, PA 15260
United States
412-648-1363 (Phone)

HOME PAGE: http://www.law.pitt.edu/people/lawrence-frolik

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