By: Stephen R. Elville – Principal and Lead Attorney of Elville and Associates, P.C.
In yesterday‘s Time to Think blog, we discussed how the inclusion of a Trust Protector provision as part of your estate plan can provide scope, depth, flexibility, beneficiary protection, and more. You can provide for a Trust Protector in your estate planning, elder care-related, or special needs planning documents (Will, Revocable Living Trust, or Irrevocable Trust) in one of two ways: (1) a Trust Protector can be appointed to serve in an active, current role, such as in the case of a special needs trust; or (2) a Trust Protector can be prospective, a special fiduciary who can be appointed at some future time by someone you choose now for this purpose. What’s often important is not how the Trust Protector will ultimately serve, but rather that you have provided for the possibility of a Trust Protector to serve if one is ever needed.
Are you taking the time to think about this planning-related issue?
Stephen R. Elville is the principal and lead attorney of Elville & Associates, P.C., a leading estate planning, elder law, and special needs planning law firm in Maryland. Elville and Associates engages clients in a multi-step educational process to ensure that estate, elder law, and special needs planning works from inception, throughout lifetime, and at death. Clients are encouraged to take advantage of the Planning Team Concept for leading-edge, customized planning. The education of clients and their families through counseling and superior legal-technical knowledge is the practical mission of Elville and Associates. If you would like to set an appointment with Mr. Elville to discuss estate or elder law planning issues, you may contact him at 443-393-7696, or via email at [email protected]. #elvilleeducation