Preservation | Family Wealth Protection & Planning

Making changes to an irrevocable trust can be difficult. Even minor or administrative changes can require court approval and consent of all beneficiaries to the trust. Many states, including Missouri and Illinois, have addressed this by codifying a new role for trusts known as a “trust protector.”

What is a Trust Protector?

A trust protector is a third party with certain powers over a trust to ensure that the grantor’s wishes are effectively carried out. Generally, it is advisable that the trust protector be someone independent from the grantor and beneficiaries.

Many people who create irrevocable trusts are uncomfortable giving up control of their assets to a trustee, especially a corporate trustee. Even if the trustee is a trusted individual, it is increasingly likely that the trust could last for many years. As a result, the trustee may experience changes in the law that could negatively impact carrying out the settlor’s intent. The following Q&A addresses ways to mitigate concern with a long-lasting irrevocable trust by using a trust protector.