Helping Families Flourish


Practical Considerations on using Trust Protectors

September 29, 2014 7:00 PM | Daniel P. Felix (Administrator)

There are many ways a trust protector can help families flourish.   The Chicago Trustee Collaboratory came up with various different ones when it recently addressed the subject of Collaboration with Trust Protectors.

The Collaboratory added insights to the list of functions a trust protector can provide:

  • A corrective,
  • Another voice of prudence,
  • An over-seer of the trust,
  • The foil,
  • A third party neutral,
  • A thoughtful provocateur,  
  • A check and balance, or
  • A facilitator to allow all voices to be heard.

The Collaboratory also considered specialized trust protector roles, such as:

  • Legacy protector,
  • The receiver and reviewer of the trustee’s accountings, and
  • A champion of quality of life.

One issue raised as to the collaboration with trust protectors is the payment of fees of the professional trust protector by person who he may be called to monitor, namely, the trustee.   This potential conflict raises the importance of advance planning, maintaining boundaries and other checks and balances.

For a full copy of the Collaboratory’s report, click here.

For other articles by the Collaboratory, visit our In the Media page. 

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