14-10818. Trust protector
A. A trust instrument may provide for the appointment of a trust protector. For the
purposes of this section, a person designated with a status or title, other than that of
a beneficiary, with powers similar to those specified in subsection B is a trust
protector, except to the extent otherwise provided in the trust instrument.
B. A trust protector appointed by the trust instrument has the powers, delegations
and functions conferred on the trust protector by the trust instrument. These powers,
delegations and functions may include the following:
1. Remove and appoint a trustee.
2. Modify or amend the trust instrument for any valid purpose or reason, including,
without limitation, to achieve favorable tax status or to respond to changes in the
internal revenue code or state law, or the rulings and regulations under that code or
law.
3. Increase, decrease, modify or restrict the interests of any beneficiary of the
trust.
4. Modify the terms of a power of appointment granted by the trust.
5. Change the applicable law governing the trust.
C. Except to the extent otherwise specifically provided in the trust instrument, a
modification authorized under subsection B may not:
1. Grant a beneficial interest to an individual or a class of individuals unless
the individual or class of individuals is specifically provided for under the trust
instrument.
2. Modify the beneficial interest of a governmental unit in a special needs trust.
D. Any provision of this title to the contrary, but except to the extent otherwise
provided by the trust instrument, a trust protector is not a trustee or fiduciary and is
not liable or accountable as a trustee or fiduciary because of an act or omission of the
trust protector when performing or failing to perform the duties of a trust protector
under the trust instrument. This subsection does not apply to trusts that become
irrevocable before January 1, 2009 if the trust instrument allows the settlor to remove
and replace the trust protector.
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