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<p class="MsoNormal" style="margin-bottom:6.0pt"><span style="font-size:12.0pt;font-family:"Times New Roman",serif;color:#595959">Doug,<o:p></o:p></span></p>
<p class="MsoNormal" style="margin-bottom:6.0pt"><span style="font-size:12.0pt;font-family:"Times New Roman",serif;color:#595959">I would be strongly
<span class="GramE">advise</span> my clients against including a provision in their trust document which would appoint a trust protector with the power to bless trustee actions and insulate the trustee from liability. The statutory trust advisor has a fiduciary
duty to the beneficiaries – which means, I think, that the trustee to would simply be transferring its liability to the trust protector.
<o:p></o:p></span></p>
<p class="MsoNormal" style="margin-bottom:6.0pt"><span style="font-size:12.0pt;font-family:"Times New Roman",serif;color:#595959">Beneficiaries pay trustees significant fees mostly (perhaps only) because the beneficiaries can sue them if they screw up. I see
no reason to allow the trustee to transfer that liability to a third party – particularly if that third party is an unpaid, relatively unsophisticated family member.<o:p></o:p></span></p>
<p class="MsoNormal" style="margin-bottom:6.0pt"><span style="font-size:12.0pt;font-family:"Times New Roman",serif;color:#595959">My $.02.<o:p></o:p></span></p>
<p class="MsoNormal" style="margin-bottom:6.0pt"><span style="font-size:12.0pt;font-family:"Times New Roman",serif;color:#595959">John<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif;color:#595959"><o:p> </o:p></span></p>
<div>
<p class="MsoNormal"><span style="font-size:14.0pt;font-family:"Tw Cen MT",sans-serif;mso-fareast-font-family:"Times New Roman";mso-bidi-font-family:"Times New Roman";color:#595959;mso-no-proof:yes">John Creahan</span><span style="font-size:12.0pt;font-family:"Tw Cen MT",sans-serif;mso-fareast-font-family:"Times New Roman";mso-bidi-font-family:"Times New Roman";color:#595959;mso-no-proof:yes"><o:p></o:p></span></p>
<p class="MsoNormal" style="margin-bottom:12.0pt"><span style="font-size:12.0pt;font-family:"Tw Cen MT",sans-serif;mso-fareast-font-family:"Times New Roman";mso-bidi-font-family:"Times New Roman";color:#595959;mso-no-proof:yes"><a href="http://www.cairn-law.com/"><span style="color:#595959">www.cairn-law.com</span></a><br>
206-578-5877<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Tw Cen MT",sans-serif;mso-fareast-font-family:"Times New Roman";mso-bidi-font-family:"Times New Roman";color:#595959;mso-no-proof:yes">Fremont office:<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Tw Cen MT",sans-serif;mso-fareast-font-family:"Times New Roman";mso-bidi-font-family:"Times New Roman";color:#595959;mso-no-proof:yes">3417 Evanston Ave. N, Suite 312<br>
Seattle, WA 98103</span><span style="font-size:12.0pt;font-family:"Tw Cen MT",sans-serif;mso-fareast-font-family:"Times New Roman";mso-bidi-font-family:"Times New Roman";color:#4F6228;mso-no-proof:yes"><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif;mso-fareast-font-family:"Times New Roman";color:#595959;mso-no-proof:yes"><o:p> </o:p></span></p>
</div>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif;color:#595959"><o:p> </o:p></span></p>
<div>
<div style="border:none;border-top:solid #E1E1E1 1.0pt;padding:3.0pt 0in 0in 0in">
<p class="MsoNormal"><b><span style="mso-fareast-font-family:"Times New Roman"">From:</span></b><span style="mso-fareast-font-family:"Times New Roman""> wsbapt-bounces@lists.wsbarppt.com <wsbapt-bounces@lists.wsbarppt.com>
<b>On Behalf Of </b>Douglas Bratt<br>
<b>Sent:</b> Tuesday, July 31, 2018 3:08 PM<br>
<b>To:</b> wsbapt@lists.wsbarppt.com<br>
<b>Subject:</b> [WSBAPT] Trust Protectors<o:p></o:p></span></p>
</div>
</div>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">Listmates:<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">I have recently been doing some research regarding the role of a Statutory Trust Advisor, which is discussed in RCW 11.98A.030.
<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">The gist of the appointment of a Statutory Trust Advisor seems to be the desire to have a mechanism, particularly in high asset situations, with potential multiple generational beneficiaries, to have someone, or some institution (separate
from the Trustee) empowered to oversee the Trust and the Trustee to make sure that the focus of the original trust is being adhered to, to make adjustments in trust provisions, as may be advisable because of changes in the law, to approve discretionary distributions
to beneficiaries, and the like. The earlier reading seemed to be that this is something that the Trustor might be interested in to essentially keep the Trust on track.
<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">However, later reading has led me to the conclusion that Trustees themselves, particularly institutional Trustees, are insisting on the appointment of a Trust Protector (the phrase used by at least one institutional Trustee, and a phrase
included in the statutory definition of a Statutory Trust Advisor) in order to seemingly remove the Trustee from criticism (and possible liability) in exercising discretionary powers (like discretionary distributions to Beneficiaries) that Trustees have traditionally
been empowered, and expected, to do. Review of Trust Instruments by Trustees, prior to acceptance of the responsibilities of serving as Trustee, includes a requirement, in some instances, that the Trust Protector provisions be in place, with a prospective
Trust Protector already designated.<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">Has anyone been running into these sorts of situations? Do any of you have reference to Washington-based materials and/or Washington forms used in these sorts of instances? I am dealing with a proposed institutional Trustee who, I suspect,
has such requirements in place.<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">I thank all of you, in advance, for your thoughts. <o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">Best Regards,<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">Doug Bratt<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal"><span style="font-size:13.5pt;font-family:"Lucida Calligraphy";color:#1F497D">Douglas J. Bratt</span><span style="font-size:12.0pt;font-family:"Times New Roman",serif;color:#1F497D"><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Lucida Calligraphy";color:#1F497D">Lawyer</span><span style="font-size:12.0pt;font-family:"Times New Roman",serif;color:#1F497D"><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif;color:#1F497D"> <o:p></o:p></span></p>
<p class="MsoNormal"><img border="0" width="165" height="167" id="Picture_x0020_1" src="cid:image001.jpg@01D4291C.38AEF440" alt="Envelope scaled Terry"><span style="font-size:12.0pt;font-family:"Times New Roman",serif;color:#1F497D"><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif;color:#1F497D"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif;color:#1F497D">Office: (360) 213-2040
<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif;color:#1F497D"> Fax: (360) 213-2030<o:p></o:p></span></p>
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<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif;color:#1F497D">CONFIDENTIALITY NOTICE: This email message may contain confidential or privileged information. If you have received this message by mistake, please do not
review, disclose, copy, or distribute the email. Instead, please notify us immediately by replying to this message or telephoning us. Thank you.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif;color:#1F497D"> <o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif;color:#1F497D">NOTE:</span><span style="font-size:10.0pt;font-family:"Times New Roman",serif;color:#1F497D">
</span><span style="font-size:12.0pt;font-family:"Times New Roman",serif;color:#1F497D">I do not use encrypted email. Messages sent to or from my office via email are not secure and may not be protected by attorney-client privilege. This email address is
not monitored at all times. If your matter is urgent, please phone my office during regular business hours.<o:p></o:p></span></p>
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