Trusts are fundamentally considered as a commitment between two people where the trustee holds the principal’s estate in the trust’s name, for the latter’s benefit. However, this simple definition has become much more elaborate as the concept has changed over time.
However, when you come down to the basics, the whole concept involves a grantor putting faith in the trustee to do right by them. When trusts funded with millions of dollars are concerned, the matter of a trust becomes a little more complicated.
Typically, affluent high rollers and large financial institutions were known to assign a person the designation of trust protector. It is an additional blanket of security for wealth where temptations are too great.
In the United States, the role of a trust protector is definitely more modern and still evolving. In general terms, they provide oversight to a trust that is going to be in effect for a long period. Their role, although not quite crystal clear, is to ensure that the trust is not affected by changes in laws governing estate plans and the principal’s circumstances.