What powers or rights should a Trust Protector be given?

The powers or rights given to a trust protector should depend on the goals and objectives for the trust. An important consideration is that the powers can be tailored to your goals and the trust circumstances. For large valuable trusts that are part of a sophisticated tax and asset protection plan the tailored trust protector powers should be different then if you are appointing a trust protector in your revocable trust to help safeguard you from elder financial abuse. In the complex context you might giver a trust protector a range of specific powers to address tax law changes. In that way the trust protector may be able to act to secure the intended estate or income tax goals for the trust if the law changes. You might give the protector the power to turn on or off grantor trust status, the power to change situs and governing law if the state where the trust is based enacts unfavorable tax laws, the power to divide or prevent division of the trust if that could trigger transfer tax. In the context of a revocable living trust you might focus instead on the power to demand an accounting from the trustee to be certain the trustee is acting appropriately, or the power to demand that the trustee have an independent care manager evaluate you to be sure that you are safe and getting the appropriate care.