What is a Trust Protector?

Last month some of the best legal and financial planning minds in the country met to discuss the direction of estate planning and how to help average citizens such as you and I keep our assets and pass them on to our heirs with the least amount of loss to estate taxes.  We learned that, even if you have an irrevocable trust, changes can be made when necessary through the use of a Trust Protector, to whom the trust maker gives instructions about when change might be necessary or advisable.  Many of my clients do not want an irrevocable trust because they are afraid of unforseen circumstances that might actually change their estate plan.  The Trust Protector takes away that fear.  He is a person who knows the trustmaker well and has met with him or her to understand his/her true desires concerning how they want their wealth shared with others and conditions that might change the assets they give to one or more heirs.