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Trust Protectors: A Practice Manual with Forms

Trust Protectors: A Practice Manual with Forms

  • 作者:
  • 出版商: Juris Publishing
  • ISBN: 9781578233762
  • 出版时间 August 2014
  • 规格: Hardback + CD-ROM , 322 pages
  • 适应领域: International ? 免责申明:
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  • 描述 
  • 大纲 
  • 作者 
  • 详细

    The trust protector is generally regarded as a relatively new position in trust law, and the key feature of the position is that the protector may be granted powers over the trust, which are generally superior to those of the trustee. This places the protector in a position where, by the exercise of his powers, he can cause the trust to adjust to unforeseen changes or new conditions without the need for court action or beneficiary approval. This work takes the firm position that, with only limited exception, the role of the protector is a fiduciary one, imposing on the protector a duty to act in the best interests of the purposes of the trust and the beneficiaries.

     

    Unfortunately, a substantial segment of the legal community, as well as the legislative bodies of a number of international jurisdictions, have taken a position that the protector is not a fiduciary, or that he may be declared in the trust not to be a fiduciary, and that the power granted him under the trust may be declared to be personal powers, whether or not such is the case, and thus he would have no liability for his actions or inactions while serving as protector. This “attraction” of providing total exculpation of the protector has effectively engendered a quick acceptance of the position by the bulk of the legal community and even by the legislatures of a number of jurisdictions, though almost totally unsupported by relevant case law. As a result, we have been seeing trusts which incorporate the use of a protector having the power to make critical dispositive and administrative decisions, as well as extensive modifications to the trusts without being exposed to liability for negligence or bad decisions which result in damages.

     

    This work will examine in detail the role of the protector of the trust, the relationship between the protector and the trustee, between the protector and the beneficiaries, and the protector’s responsibilities to the purposes of the trust. It will demonstrate with legal support that the role of the protector is not a new role, that, in fact, the protector is simply a new name for the decades-old position of trust “advisor,” and that the trust advisor is consistently regarded as a fiduciary in relevant treatises and has been repeatedly held to be a fiduciary in relevant cases. The discussion will also review and analyze the historical issues and professional commentary relevant to trust law and the role of protector, as well as case decisions in various international jurisdictions which have shed light on the issues and some of the positions taken in the statutes of a number of jurisdictions in the United States and across the world. All legal aspects of the role will be examined, including the rights of the protector, the protector’s relationship to the trustee, and the courts’ regard for and treatment of the position.

     

    Further, the work will discuss in detail all of the practical considerations in using a protector, such as selection and special drafting considerations, the use of a protector in a foundation, and, in brief, the numerous tax issues that may apply. The conclusion will be that with only very limited exception, which will be explained, the protector is unquestionably a fiduciary, and just as a trustee, he should be held to fiduciary standards. Accordingly, while it is certainly possible to grant personal powers to an individual under a trust, those powers per se conflict with the duties of a protector. And while it is also possible to reduce the fiduciary liability of a protector to a minimum, it is not possible to eliminate it entirely, regardless of trust language attempting to do so.

  • Acknowledgements 
    About the Author 
    About the Book 

     

    Chapter 1 The Protector: Friend, Foe or Fiduciary?
    1.1 Beginnings
    1.2 The First United States Case

     

    Chapter 2 Development of the Position of the Trust Protector 
    2.1 The Trust without the Protector 
    2.2 Origin of the Term, "Protector," and Its Initial Role 
    2.3 Origin of the Concept of Protector and the Relevance of the Name-tag

     

    Chapter 3 The Protector as Fiduciary 
    3.1 Analyzing the Role and Its Responsibilities 
    3.2 Personal versus Fiduciary Power and Statutory Dictates 
    3.3 Legal Forms Follow the Pack 
    3.4 Courts Begin to Consider the Role 
    3.5 When a Personal Power Is Intended 
    3.6 Fiduciary Power and Fiduciary Duty 
    3.7 Fiduciary Power versus Fiduciary Position 
    3.8 Fiduciary by Virtue of Profession or Identity 
    3.9 Fiduciary by Circumstances 
    3.10 A Court's Analysis of Powers 
    3.11 The Settlor's Intent Should Control 
    3.12 Trust Language Contradicting the Settlor's Intent 
    3.13 Where the Trust Is Silent 
    3.14 Drafting Away Fiduciary Duty 
    3.15 Statutory Elimination of Fiduciary Duty 
    3.16 The Office of Protector versus the Individual 
    3.17 Stating the Obvious: The Protector Is a Fiduciary 

     

    Chapter 4 Powers of the Protector 
    4.1 Reasons for Powers 
    4.2 How Powerful Can/Should the Protector Be? 
    4.3 Illegal and Impermissible Powers 
    4.4 Are More Powers Better? 
    4.5 Deciding on Greater or Fewer Powers 
    4.6 Implied Powers 
    4.7 Statutory Powers 
    4.8 How the Powers Are Exercised 
    4.9 Multiple Protectors 
    4.10 Entity Protectors 
    4.11 Delegation of Powers 
    4.12 Release of Powers and Effect on Successors 

     

    Chapter 5 Duties of the Protector 
    5.1 Duty under a Personal Power 
    5.2 Duties of Protector as Beneficiary 
    5.3 Protector's Duty to Monitor the Trustee 
    5.4 Manner of Duty and Discretion 
    5.5 Duty Not to Give Pre-arranged Consent 
    5.6 Duty of Protector with a Conflict of Interest 

     

    Chapter 6 Protector's Liability 
    6.1 Establishment of Protector's Liability 
    6.2 Identifying the Specific Liability 
    6.3 Liability of the Protector versus That of the Trustee 
    6.4 Determining the Extent of Liability 
    6.5 Exculpating the Protector 

     

    Chapter 7 Rights of the Protector 
    7.1 Protector's Rights in General 
    7.2 The Right to Information -- Protector with a Personal Power 
    7.3 The Right to Information -- Protector with a Fiduciary Power
    7.4 The Right to Enforce Claims and Trust Provisions on Behalf of the Trust and the Beneficiaries 
    7.5 The Right to Indemnification 
    7.6 Protector's Lien for Expenses 
    7.7 The Right to Compensation 

     

    Chapter 8 The Relationship between the Protector and the Trustee 
    8.1 Who's in Charge? 
    8.2 Is the Trustee Bound to Follow the Protector's Instructions? 
    8.3 Status of the Trustee in Relation to the Protector 
    8.4 Where the Powers of the Protector and the Trustee Overlap 
    8.5 United States Trust Law and Third-Party Advisors
    8.6 Statutory Exculpation of Trustees Following Advisor's Direction 
    8.7 "Directed" Trusts 

    8.7.1 Directed Trustee Has No Duty to Inform the Protector 
    8.7.2 Establishing a Directed Trustee's Breach -- A Near Impossible Burden of Proof for the 
    Beneficiaries 
    8.7.3 Directions outside the Scope of Protector's Authority 
    8.7.4 Where the Trustee Should Have Known of a Breach by the Protector 

    8.8 The Uncertainty of the Uniform Trust Code 
    8.9 Trustee's Inherent Obligation to Inquire 
    8.10 Protector's Duty to Inquire and Monitor 
    8.11 Consider the Purpose of the Grant of the Power 
    8.12 One United States Case -- No Duty to Inquire 
    8.13 Veto Power 

    8.13.1 Protector's Veto Powers 
    8.13.2 Trustee's Disagreement with Veto 

    8.14 Having Integrity Rule 

     

    Chapter 9 The Courts' Role and Jurisdiction over the Protector
    9.1 Development of the Law through Precedent 
    9.2 The Court's Inherent Jurisdiction over the Protector as a Fiduciary 
    9.3 Jurisdiction Where the Protector Is Not a Fiduciary 
    9.4 Where the Non-fiduciary Protector Is Found to Be a Fiduciary 
    9.5 Court's Recognition of Statutory Declarations 
    9.6 Where the Protector Is a Fiduciary 
    9.7 Court's Power to Appoint and Remove a Protector 
    9.8 Court's Power to Review Appointment of a Protector 
    9.9 Court's Power to Override a Protector's Decision or Exercise of Power 
    9.10 Court's Power to Suspend Protector's Powers 
    9.11 Court's Power to Surcharge the Protector 
    9.12 Court's Power to Compel the Exercise of a Protector's Power 
    9.13 Confidence through Court Predictability 

     

    Chapter 10 Practical Issues in Using Protectors 
    10.1 Reasoning behind the Role 
    10.2 Issues in Selecting and Utilizing a Protector 
    10.3 Protector in a Foundation 

    10.3.1 Reasons for Including a Protector in a Foundation 
    10.3.2 The Foundation and Fiduciary Duty 

    10.4 Tax Considerations for the Foundation 
    10.5 Protector in a Purpose Trust 
    10.6 Protector in a Revocable Trust 
    10.7 Selecting a Protector 

    10.7.1 General Criteria to Be Considered 
    10.7.2 Specific Criteria to Apply in the Selection 

    10.7.2.1 Experience in the area of Trusts/foundations 
    10.7.2.2 Insurance coverage for damages or losses 
    10.7.2.3 Adequate staff 
    10.7.2.4 Response time to address issues 
    10.7.2.5 Regulated 
    10.7.2.6 Location (where asset protection is an objective) 

    10.8 Individual versus Committee versus Entity as Protector 

    10.8.1 Individuals 
    10.8.2 Committee 
    10.8.3 Corporation and Limited Liability Company 

    10.9 Drafting Considerations 

    10.9.1 The Fiduciary Issue 
    10.9.2 The Compensation Issue 
    10.9.3 Hiring Agents and Attorneys 
    10.9.4 Right to Defend Claims against Himself 
    10.9.5 Enumeration of Specific Powers 

    10.9.5.1 Power to remove and replace the Trustee 
    10.9.5.2 Power to enforce claims 
    10.9.5.3 Right to reimbursement 
    10.9.5.4 Right to information 
    10.9.5.5 Power to amend the Trust 
    10.9.5.6 Power to add or delete Beneficiaries 
    10.9.5.7 Power to decant 
    10.9.5.8 The new "flee" clause 
    10.9.5.9 Change of situs and governing law 
    10.9.5.10 Power to terminate the Trust 
    10.9.5.11 Power to consent or veto 
    10.9.5.12 Tax restrictions 
    10.9.5.13 Vacancies, Successors 
    10.9.5.14 Excluded Protectors 
    10.9.5.15 Resignation 
    10.9.5.16 Incapacity, insolvency, disappearance 
    10.9.5.17 Perpetuities 
    10.9.5.18 Standards of Protector liability 
    10.9.5.19 Incorporating powers by reference 
    10.9.5.20 Anti-duress provision 

    10.10 Letter of Wishes 

    10.10.1 A Guide for the Trustee 
    10.10.2 Letter of Wishes to the Protector 
    10.10.3 Revealing the Settlor's State of Mind 
    10.10.4 Letter Should Be Non-binding 

    10.11 Use of the Protector in Asset Protection Plans 

    10.11.1 The Value of Flexibility 
    10.11.2 The Protector and Asset Protection Trusts 
    10.11.3 Special Drafting Considerations for Asset Protection Plans 

    10.12 The Springing Protector 

    10.12.1 Assessing Need and Cost 
    10.12.2 Employing a Springing Protector 

    10.13 Tax Considerations for the Protector 

    10.13.1 U.S. Tax Considerations in Selecting a Protector 
    10.13.2 Independent Protector 
    10.13.3 Protectors (Other than the Settlor) Who Are Beneficiaries 
    10.13.4 The Settlor as Protector 
    10.13.5 Powers that Generally Do Not Have Tax Consequences for an Interested Protector. 
    10.13.6 Powers that Generally Do or May Have Tax Consequences for the Interested Protector Other than the Settlor. 
    10.13.7 Tax Consequences of Non-Fiduciary Protectors 

    10.14 Court's Reaction to the Protector 

    10.14.1 Slow but Steady Acceptance by the Common Law Courts
    10.14.2 Reluctant, Questionable Acceptance by United States Courts

    10.15 Statutory Treatment of the Protector 

    10.15.1 Background and Development 
    10.15.2 Practical Issues concerning the Statutes 

     

    Chapter 11 The Future of the Protector 

     

    APPENDIX CONTENTS 

    Appendix I Selected Protector Statutes -- United States 

    Appendix II Selected Protector Statutes -- International Jurisdictions 

    Appendix III Trust Protector Forms

     III. - A. Master Protector Provision for Inclusion of a Protector 
    Form III - A The Protector 
     

    III. - B. Removal of Trustee and Appointment of Successor 
    Form III - B Trustee Removal and Appointment of Successor Trustee 
     

    III. - C. Removal of Protector and Appointment of Successor Protector 
    Form III - C Removal of Protector and Appointment of Successor

    III. - D. Notice to Beneficiaries, Trustee or Protector 
    Form III - D - i A.) Notice to Beneficiary  - Change of Protector
    Form III - D - i B.) Notice to Beneficiaries - Change of Situs 

    III. - E. Appointment of a Springing Protector 
    Form III - E Appointment of a Springing Protector 

    III. - F. Appointment of a Protector Committee 
    Form III - F Appointment of a Protector Committee 

    III. - G. Protector's Exercise of Various Powers 
    III. - G. - i. DIRECTING A DISTRIBUTION 
    Form III - G - i Directing a Distribution 

    III. - G. - ii. ADDING OR DELETING BENEFICIARIES 
    Form III - G - ii A.) Addition of a Beneficiary 
    Form III - G - ii B.) Deletion of a Beneficiary 

    III. - G. - iii. EXERCISING THE "FLEE" CLAUSE (POWER OF APPOINTMENT) 
    Form III - G - iii Appointment of Trust Assets 

    III. - G. - iv. GRANT OF POWER OF APPOINTMENT 
    Form III - G - iv Grant of Power of Appointment 

    III. - G. - v. ENGAGING AN AGENT OR COUNSEL - NOTICE TO TRUSTEE 
    Form III - G - v Engagement of Counsel 

    III. - G. - vi. CHANGING SITUS AND GOVERNING LAW 
    Form III - G - vi Change of Situs and Governing Law 

    III. - G. - vii. PROTECTOR'S LETTER TO BENEFICIARIES REGARDING MONITORING
    OF TRUSTEE 
    Form III - G - vii Monitoring the Trustee 

    III. - H. Protector's Protection 
    Form III - H Release and Indemnification of Protector

    Table of Abbreviations 
    Table of Cited Sources 
    Table of Cases 

     

    INDEX 

  • Alexander A. Bove, Jr. is a widely known and respected trust and estate attorney with over forty years of experience. He is an Adjunct Professor of Law, Emeritus, of Boston University Law School Graduate Tax Program, where he taught estate planning and advanced estate planning for eighteen years. In 1998 he was admitted to practice in England and Wales. Alexander Bove has been quoted in the New York TimesThe Wall Street JournalBusiness WeekWorthForbesMoney, and Fortune as an authority on trusts and estate planning and asset protection planning. From 1973 to 1995 he authored the widely acclaimed legal and financial column, "The Family Money," for the Boston Globe. He has published several books on subjects of estate planning, asset protection planning, taxes, trusts and estates. An internationally known lecturer in his fields of expertise, Mr. Bove has lectured at the annual Heckerling Tax Institute, annual meetings of the American College of Trust & Estate Counsel (ACTEC), the Association of Advanced Life Underwriters (AALU), The Million Dollar Round Table (MDRT), Top of the Table, The Annual Notre Dame Estate Planning Institute, and The International Academy of Estate and Trust Law. Mr. Bove was named in "The Best Lawyers in America, Trusts and Estates" for 2012 - 2013, was named Estate Planner of the Year by the Boston Estate Planning Council, and was elected to the National Estate Planning Hall of Fame in 2014. He recently received his Ph. D. in law from the University of Zurich law school.

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