Once a trustee assumes office, one enters into a "fiduciary capacity," meaning a position of trust and confidence with a legal duty to properly manage the trust's assets while keeping in mind the best interests of the trust's beneficiary. This places a fiduciary under a high standard of conduct, owing the trust's beneficiary a strict duty of loyalty. However, in select cases, the beneficiary of the trust may be unable to properly enforce this fiduciary duty. This is where a trust protector comes in.
A trust protector oversees and regulates the trustee's actions. Typically, this involves access to the trust's accounts and summaries of what a trustee has done for the beneficiary. A trust protector retains the power to fire the trustee in the event of neglect of duties, providing a dependable third-party safeguard for all parties involved. The Grupp Law Firm, PLLC firm offers its services in this capacity, as well as with trust services. These may include creation a trust account or guiding you and your family through life’s transitions. The former may include providing plans for changing needs, maximizing what you leave to heirs or charity, and minimizing the effect of your taxes. The latter involves managing your trust assets, administering the affairs of your trust, in the event that you are unable, and assisting your family by handling the complexities of estate settlement.
For more information or to speak with a member of our staff, contact The Grupp Law Firm, PLLC today.