Trustor - The trustor, basically, transfers control of certain of their assets into a trust (although this is a simplified explanation). The trust document explains in detail the wishes of the trustor with respect to the trust and those assets that are in the trust.
Trustee - The trust can have one or several trustees, those responsible for the management of the trust. The trustee manages the trust in accordance with the terms of the trust document. (To make things more interesting, in some cases, the trustor can also be a trustee of the trust.)
Trust Protector - There can also be a trust protector for the trust. A trust protector is not the same as a trustee.
A trust protector has certain responsibilities to the trust and often these are fiduciary responsibilities.
The trust document can give certain powers to the trust protector, and a trust protector’s responsibilities/powers can be very broad.
A trust protector, under certain circumstance, can modify a trust. Trust protectors can review the actions of trustees and can, in certain circumstances, even remove a trustee.
If given the power, a trust protector can change the domicile of a trust.
Different terms for trust protector can be: trust advisor or trust director.
Designation of a trustee and trust protector are critical decisions for the trust and should be carefully evaluated with an estate planning attorney.
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