Question;
What is a standard trust protector fee? Is it paid every year or only when the protector’s services are requested?
Response:
Typically, trust protectors are either family members or close friends who are not paid. Some attorneys also serve in this capacity, in which case they are paid when and if they have to intervene, usually at their standard hourly rates. Professional trust protectors may also charge a flat annual fee simply for having the responsibility of checking in on the status of the trust an an annual basis. Many attorneys refuse to act as trust protectors because they are concerned that they will incur liability if they don’t step in when needed, which can easily happen if there’s no communication with the clients after they execute the trust and leave the law firm’s office. Trusts also typically cover any costs the trust protector may incur—for instance, the cost of hiring an attorney, if necessary.
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