A trust protector is a person granted the power to protect trust and is in charge of an estate, not to mention its assets. A trust protector’s job is to watch over and monitor the trust and make sure that no one takes advantage of a beneficiary. They oversee beneficiaries and make sure that they receive what’s been promised to them by a parent or guardian. If you have a will with a plan to disperse gifts or property to your loved ones, chances are you have appointed a trust protector. But what if you want to remove your trust protector? Read on to learn how to remove a trust protector from your will.
How to Remove a Trust Protector
Why would you want to remove your trust protector?
There are several reasons why you might want to remove your trust protector. For one, you may no longer be close with this person. Therefore, you would want to remove that person and add a new one to fulfill your final wishes by someone who knows you currently. In reality, people want to remove their trust protector because someone else in the family has more knowledge on how to handle household finances. Another common reason is if that person becomes incapacitated or deceased. In that case, they won’t be able to do their job.
But there are many other reasons why you would want to remove your trust protector. For instance, if it’s difficult for them to fulfill their duties because of distance, illness, or conflict with other family members. Another reason is if they’re not capable of handling the responsibilities required by the position. Or if they’re trying to take advantage of the assets entrusted to them.
If you’ve been considering removing your trust protector from your will for any reason at all, read on to learn how.
How do you remove your trust protector?
There are three ways to remove your trust protector. The first is for those who have a living trust and have named themselves the trustee, the person in charge of administering the trust. If you are your own trustee, then it’s easy to remove yourself as a trust protector by changing or removing your will or by changing the terms of your trust.
The second way to remove a trust protector is to revoke their status, either because they want to step down or they’re no longer competent enough to serve in this capacity. You can do this through an amendment to the trust document that removes their power under it. The third way is if they die before you do. In that case, you will need to update your trust and appoint a new trust protector.
Steps to remove a trust protector
1) Determine if the person holding this position should be removed.
2) Gather all relevant paperwork, such as the will or trust agreement, and any other documents that may be relevant.
3) Schedule a meeting with an experienced lawyer in wills and estate law.
4) Present your case to the lawyer, explaining what you believe needs to happen. The lawyer will then draw up papers for you to sign that will remove someone from their position as a trustee or protector of an estate.
5) Get two witnesses who are not beneficiaries of the estate to sign on to the papers as well. The witnesses will need to attest that they have read the documents and know what they are signing, and agree with its contents.
Who needs to know?
It is an excellent idea to let people know when you remove a trust protector from your will. You don’t want them to find out that someone else has been appointed and wonder why you didn’t tell them about it. If the trust protector is someone close to you, you should speak with them first and explain why you are removing them.
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With the correct trust protector in place, you’ll be able to determine what happens to your assets when you die, protect your family’s inheritance, and ensure that your wishes are fulfilled.