Planning one’s estate is essential to their future. One component of estate planning that some people choose to utilize is a trust. A trust is appropriate for some circumstances and can allow the parties involved to reap a number of benefits. The individual must gather information on what type of trust will work best for them before choosing to incorporate it into the estate plan. Often, people wonder how long their trust will last. This all depends on the individual situation of the party creating the trust.
Trusts typically are not designed to last forever. That being said, some of them can be long-term but it all depends on the situation. A trust exists to hold property, regardless of whether it is monetary or real property. Often, trusts are used to pass down financial means to a beneficiary. The trustee will be able to distribute the money according to the terms of the trust. A perfect example of a monetary trust is a college fund for a child or grandchild. The trust can become active at the time that the child enrolls in college. The trustee can be in charge of making tuition payments to ensure that the money is only spent on college. Once the child graduates college and pays off all tuition, the trust may be closed. Of course, this is just one of many possible examples of how a trust can work.
If you need assistance creating a trust, contact our firm today.
The planning and administration of an estate requires experienced legal guidance. If you need an effective attorney to assist you with matters of wills, trusts, and estates, contact Margaret M. Mahon, Esq. LLC today to schedule a consultation.