If you are the beneficiary of a Florida trust, you may want to know about a recent Palm Beach appeals case involving a “trust protector.” “What is a Florida trust protector?” you ask…..You may want to read about an important “legal actor” for Florida trusts other than the trustee.
Florida Trust Protector is Not Defined in the Florida Trust Code
- What is a trust protector?
- A trust protector is actually never defined in Florida Trust law.
- But a Palm Beach trust case just went to the appeals court involving trust protectors.
- One idea behind a Trust Protector is to have somebody who can watch over the Trustee, and, thus dismiss the Trustee for any misconduct.
- West Palm Beach Probate Litigation attorneys know that there are a number of reasons that one may wish to appoint a trust protector:
- Trust protectors allow a great degree of flexibility when dealing with changes in circumstances, including death, premature divorce, previously unknown children, or any legal changes or changes in trust law;
- To reduce and divide the power of a trustees;
- To have a third party to act as a main point of contact, between the beneficiaries and the trustees.
Using Trust Protectors in a Florida Estate Plan
- But where a trust has both a Trustee and a Trust Protector, can the Trust Protector modify the terms of a Trust Agreement?
- The Fourth District Court of Appeals in Florida says that he/she can.
- Palm Beach Probate and Section 736.0808 of the Florida Trust Code were interpreted by the 4th DCA in Minassian v. Rachins, (No. 4D13-2241, 2014 WL 6775269(Fla. Dist. Ct. App. Dec. 3, 2014)) on December 3rd, 2014 to be able to grant power to modify Trust Agreements to Trust Protectors.
- Many estate planning lawyers Boca Raton use trust protectors in their trust documents.
Does a Trust Protector Affect My Trust?
- The important question here is: “How can a trust protector affect my trust agreement?“
- The best method for protecting your trust is to anticipate and prevent changes to a trust agreement.
Find out more on Trust and Estate Law in Florida. See http://www.pankauskilawfirm.com/ for videos and information on Trusts, Trust Agreements, and Trust Protectors.