ProtectorShip
What’s a protector?
The Protector is a natural or legal person appointed under the terms of the trust deed (Trust Deed), and whose functions may vary according to the needs of the individual or family, such as verifying and monitoring, ensuring the correct fulfillment of the provisions of the settlors, having the actions of the trustees under controlled view in support of what the Trust Deed establishes. Likewise, the Protector, or monitors certain actions in the life of the structure that may vary from controlling the execution of the services of bankers and trustees, to verifying that a child's school is being paid correctly, or a medical follow-up chosen by the Settlor(s) is carried out, in cases of physical or mental incapacity.
WHO SHOULD THE PROTECTOR PROTECT?
During the life of the trust, the protector must ensure that the interests of the beneficiaries are always taken as a priority and that their interests are always being respected in accordance with the wishes and rules bequeathed by the Settlor(s).
WHO CAN APPOINT A PROTECTOR?
Protectors can only be expressly designated by the settlor of the structure.
WHO CAN BE A PROTECTOR?
The Protector may be an individual; a committee of individuals or a legal entity. The protector does not necessarily need to have an existing or even an indirect family relationship with the Settlor, but more and more often there is a demand for professional Protectors, specialists in monitoring and administering structures.
WHAT ARE THE POWERS OF A PROTECTOR?
- Allows the Settlor of the structure to retain certain powers over the Trustees Offers comfort to Settlors and Founders, when there is suspicion or concern that the Trustees will not sufficiently consider the wishes of the Settlor as desired. Assures Settlors that, after their deaths, the affairs of the Trust and the interests of the beneficiaries will be supervised Provides useful guidance in times of change and during unexpected events (e.g., physical or mental incapacity, divorce, previously non-existent tax imposition, emergence of new less favorable legislation, requisitions from illegitimate heirs. Ability to resolve disagreements between Trustees and beneficiaries.
- Allows the Settlor of the structure to retain certain powers over the Trustees Offers comfort to Settlors and Founders, when there is suspicion or concern that the Trustees will not sufficiently consider the wishes of the Settlor as desired. Assures Settlors that, after their deaths, the affairs of the Trust and the interests of the beneficiaries will be supervised Provides useful guidance in times of change and during unexpected events (e.g., physical or mental incapacity, divorce, previously non-existent tax imposition, emergence of new less favorable legislation, requisitions from illegitimate heirs. Ability to resolve disagreements between Trustees and beneficiaries.
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