An SOI is a brief statement of purpose that's put in the trust document. It's as binding as other trust language, and it carries great weight in guiding trust administration and investment.
An LOW gives detailed insight into how the grantor wanted the trust to be administered. It can be written or amended at anytime. Although not legally binding, in some states it may be treated as evidence of grantor intent.
A trust protector is named by the grantor and is legally responsible for ensuring a trust is managed as intended. In a dispute, the protector may determine what the grantor might have wanted.
The information provided is for illustrative/educational purposes only. All investment strategies referenced in this material come with investment risks, including loss of value and/or loss of anticipated income. Past performance does not guarantee future results. This material is not intended to constitute legal, tax, investment or financial advice. Effort has been made to ensure that the material presented herein is accurate at the time of publication. However, this material is not intended to be a full and exhaustive explanation of the law in any area or of all of the tax, investment or financial options available. The information discussed herein may not be applicable to or appropriate for every investor and should be used only after consultation with professionals who have reviewed your specific situation. ©2016 The Bank of New York Mellon Corporation. All rights reserved.