For your descendants or other heirs to receive the maximum advantage possible from your Model Offshore Trust, it is important that you, as Trust Protector, name one or more potential successors to your role of Protector. They should be the individuals whom you most confidently can rely upon to act wisely in advising the Trustee.
The Model Offshore Trust allows you considerable flexibility in carrying out this responsibility.
● You can name more than one potential successor and their order of precedence.
● You can empower a successor to appoint his own successors.
● You can instruct the Trustee, effective now or upon your death or resignation, to divide the Trust into separate Trusts, each with a different Trust Protector. For example…
If you have only one child, you as Protector may simply appoint your child as your potential successor and give him the power to appoint his own successor. Or you may appoint your spouse as first in line of succession and appoint your child as second in line. Assuming you do not give your spouse the power to appoint successors, your surviving child eventually will become the Protector.
If you have more than one child, you may instruct the Trustee to divide the Trust into separate Trusts (either now or upon your death or resignation) and name each child as Protector of one of those Trusts, one Trust per child. Or you may name each child as second in line of succession with respect to one of the Trusts (a different Trust for each child) and name your spouse as Protector of all the Trusts.
If you have more than one child and one of them is not suited for the role of Protector, you can name his sibling, your spouse or your attorney or other trusted adviser as Protector of a separate Trust for the benefit of the child and his descendants. However, you would need the consent of the Trustee to name a Protector who is not a member of the Beneficiary Class.
If you name a potential successor who is a minor, he can begin exercising his powers only when he reaches legal adulthood.
So long as you are the Protector, you can revoke or change any of your designations of potential successors.
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