Thursday, March 3, 2016

Gavel to Gavel: What is a Trust Protector?

A few years ago, the Oklahoma Legislature enacted a new statute allowing for trust protectors – referenced in the statute as trust advisors. Section 175.3(M) of the Oklahoma Trust Act follows the general pattern of trust protector statutes, providing default rules for the position.

The phrase trust protector appears again in another new Oklahoma statute. Under Section 175.84 of the Discretionary and Special Needs Trust Act, a beneficiary’s interest in a trust created under the act is protected from creditors even if the beneficiary serves as a trust protector.

With these new statutory developments, you may be wondering what a trust protector is and does.

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