Page 70 - Ultimate Guide to Estate Planning
P. 70
somebody else to apply the same rules that
you've created. That trust protector may act
as a cosigner for accounts to protect against
abuse of powers or engaging in conduct
tantamount to embezzlement, which we so
often read about in the newspapers when an
individual has sole control over the entire
assets of another. The trust protector also
generally has the powers to make modifications
to the trust to take advantage of changes in tax
laws or other changes that further the intent
that you have set out in your irrevocable living
trust. These changes, of course, would be only
made pursuant to judicial supervision.
69
