Article on Whether Various Types of Trust Need a Protector

Alexander A. Bove, Jr. recently published an Article entitled, Should Your Client’s GRAT, CRUT, SLAT, ILIT, QPRT, MQT, DAPT, or SNT Have a Protector?, Prob. & Prop., July/August 54 (2016). Provided below is a summary of the Article:

Is there anywhere we don’t see acronyms? Certainly in the legal profession we have our share, particularly when estate planning trusts are involved. We have GRATs, CRUTs, SLATs, QPERTs, DAPTs, and a host of others. I call these (and all those trusts whose identity is known to us by letters or acronyms) the “alphabet trusts.” For estate planning practitioners, the abbreviated tag we assign to the trust says it all. That is, when we refer to a trust as a GRAT or an ILIT, for example, we know from that reference pretty much what the trust is, what it says, and what it is intended to do. Of course there are numerous other details, but if we mistake a GRAT for an ILIT, we’ve got a real problem.