Allmon, Michael B.
CPAs as trust protectors
The article examines issues surrounding the management of trusts by accountants on behalf of clients. Discussed is the role of an accountant as a protector of a trust working in concert with a professional trustee. The piece explains that the appointment of an accountant as a trust protector allows the beneficiaries of a client to avoid probate. The article outlines the powers trust protectors hold as well the legal liabilities they could face from beneficiaries and the problem of an uncertain fee structure. INSET: It Works Well for Me.
CPAs as trust protectors
The article examines issues surrounding the management of trusts by accountants on behalf of clients. Discussed is the role of an accountant as a protector of a trust working in concert with a professional trustee. The piece explains that the appointment of an accountant as a trust protector allows the beneficiaries of a client to avoid probate. The article outlines the powers trust protectors hold as well the legal liabilities they could face from beneficiaries and the problem of an uncertain fee structure. INSET: It Works Well for Me.