The concept of Protectorships developed in offshore jurisdictions. When settlors were concerned about using a trust company as sole trustee of offshore trusts they would appoint a protector to oversee trustees in their administration of the trust.
Today, the world is more complex and the office of protector carries real fiduciary responsibility and therefore risk. Appointing a relative or friend may simply no longer be appropriate.
At Newhaven we sometimes appoint and employ independent, qualified people as protectors, but more usually we create a corporate body (eg Newhaven International Protectors Ltd) that can use its professional skills to safeguard clients’ interests. Our protector service can assist:
- Beneficiaries; by understanding their circumstances and requirements, challenging trustees and other advisors and by ensuring appropriate and understandable reporting.
- Trustees; by providing better and more comprehensive information to support their decisions and plan the management of assets.
- Legal, tax and other professional advisors; by involving them at all appropriate times.