Isle of Man: Trusts In 2 Minutes – Protecting Protectors
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In the latest in our Trusts in 2 Minutes series, Donna Matthews
looks at protecting protectors.
What is a protector?
- Holds powers under a trust but is not a trustee.
- Independent of the trustees.
- Role: usually to monitor and oversee the administration of the
trust by the trustees.
What should I consider prior to
- The terms of the trust deed are paramount.
- Any implied powers and duties.
- The history and background of the trust.
- The settlor’s wishes.
- Remuneration – are you entitled to be paid for your role
- Indemnification – are you entitled to reimbursement from
the trust fund?
- Exoneration – are you exonerated for actions carried out
in good faith as protector?
- The number of protectors and working relationship between them
– e.g. can you act by majority?
- The mechanisms for retirement and appointment of successor
- Powers of amendment.
Forearmed is forewarned: take independent legal advice to
understand fully the role and obligations being undertaken.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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