What is the Trustees role in an Asset Protection Trust?
The Trustees role is to hold legal and equitable title to Property, which has been made subject to the Trust for the sole and exclusive benefit of the Beneficiaries of the Trust. The Trustees duty of loyalty as a fiduciary is to the Beneficiaries, not to anyone else. It is important to choose well known, properly licensed fiduciary trustees. Also depending on the particular estate plan configuration, the Trustee should also have deep pockets. Even though our typical planning has safeguards against the Trustee having any direct control over your assets (especially your check books), with larger estates it is important to have the Trustee be of an appropriate financial size to accommodate any emergencies vis–vis a major lawsuit that would warrant them taking direct control of your assets.
