Most states, particularly "pro-trust"
states (such as Nevada), either allow or have codified statutory provisions that
recognize the office and authority of a Trust Protector and a Trust Investment
Advisor in a trust. This app allows you to specifically identify either
one or both to serve as such in your trust, in their respective
capacities.
Trust Protector language may encompass a broad range of allowable decision
making provisions although the basic power of allowing a Trust Protector to
remove a trustee appointee and appoint a replacement is the primary/default
Trust Protector provision in your MLCP trust format. A Trust Protector
appointee should generally be someone who is "independent" - meaning not having
a vested interest in your trust estate. Any provisions beyond enabling the
Trust Protector to remove an appointed trustee should be carefully discussed
with your legal counsel.
If you are currently using an investment advisor to provide you with personal
financial management services, you should consider naming that individual as the
Trust Investment Advisor (TIA) appointee in your trust. As the TIA, such
appointee will be able to advise the trustee of your trust concerning
investments that your trustee would need to make as the fiduciary of your
trust. In fact, most independent corporate trustees will not accept a
trustee nomination unless a TIA is appointed in the document.
|