When discussing trust plans with clients, a common concern is what happens if laws or circumstances change that will cause the trust not to work as planned.

Many times, I will discuss using a trust protector to address this concern.

The purpose of a trust protector is to name someone, or a group of people, who will have the power to act to make sure your trust works as you planned. The trust protector may have powers to assist and advise the trustee, make changes to the trust terms and remove and appoint a trustee.

Any individual, or group of individuals, could be chosen as the trust protector. Often clients will choose family members or an accountant, attorney, financial adviser, banker or other professional to take on this role. I recommend that the chosen person or persons have understanding of tax and trust laws and be familiar with the changes that may affect the trust.

Additionally, the trust protector should be knowledgeable of how you intend your trust to work. This may require a personal knowledge of your family, the beneficiaries and circumstances of the trust.

Under Minnesota statute, the trust protector may take the following actions:

You can have the trust protector provision drafted to include all or none of these powers. The bottom line: The purpose is to provide flexibility, so you are sure your trust plan will happen as intended.

Balzarini is an attorney at law with Miller Legal Strategic Planning Centers, a Division of Hellmuth & Johnson. Email your questions and comments to him at [email protected].