When an individual is planning his or her estate, they may decide that holding property or assets in a trust is appropriate for their circumstances. Of course, the individual will want to gather information on the creation of a trust before deciding to incorporate it into his or her estate plan. One of the common questions that people have when considering a trust is how long it lasts.
For the most part, trusts come to an end eventually. They aren’t designed to last forever, even if they are long-term. With that said, however, long-term trusts will usually evolve over time. It’s pretty simple. Trusts hold property, whether it is real property or financial property. Once the property is gone, the trust typically dissolves as well. For example, if the person creating the trust has set aside a trust fund for their grandchild’s college expenses, the money will be spent eventually. As the child makes payments towards their education, the money will dwindle down to nothing. Since the money is gone, so is the trust.
Another common situation is putting real property in a trust, such as a house. If the house tragically is destroyed, the trust may end. It is also important to note that some trusts are created with an end-date in mind.
If you have questions about creating a trust in California, contact us today.
Working with an experienced estate planning attorney, such as Jaci Feldman of the Woodland Hills, California, Law Office of Yacoba Ann Feldman, will ensure that you are taken care of when you need it most. Contact The Law Offices of Yacoba Ann Feldman to schedule a consultation today.