Ensuring that the appropriate checks and balances are embedded within any fiduciary structure are an essential part of their long-term success.
The appointment of a protector is a commonly used mechanism for ensuring that trustees actions are properly monitored and exercised. In the vast majority of cases, however, the role is a fiduciary one meaning that the protector must consider whether or not to exercise those powers in good faith, in accordance with the trust instrument and in the interest of the beneficiaries as a whole. Family members may not have the necessary skills to perform the function or may be reluctant to do so due to the possible conflicts of interest that are likely to arise. In addition, due to increased regulation traditional sources may be reluctant to assume the role.
MK Consultants are able to provide both personal and corporate protector services. By using a completely independent and experienced professional familiar with the role and responsibilities of a trustee, our clients are ensured of the objectivity and understanding necessary to properly hold their trustees to account.
MK Consultants are also well positioned to provide support for non-professional protectors / enforcers. This can be on an ongoing basis or for a “one off” momentous decision such as replacing the trustee, a major distribution or removing a beneficiary.
