 
WHEN CAN THE TRUST BEGIN AND END?Flexibility of Trust TermYou can create a verbal trust in less than a minute. We often do it when we ask someone to "watch something" while we are temporarily away. Asking a neighbor to water your plants is a verbal trust. Asking a store to watch your package purchased elsewhere while you shop is a verbal trust.A more enforcable trust is created when you put it in writing. One example is a simple bank account trust to benefit a minor whereby the bank uses the signature card as the complete written trust agreement. A parking voucher at valet parking is a simple written trust. Those trusts do not give you much in the way of options or protection. They are usually created to primarily protect the creator of the written voucher or the signature card. A more significant asset such as your home, investment, retirement account, or your antiques, should be in a trust designed to protect all parties of the trust. These trusts can easily be created to last generations, or perhaps forever. Many laws and jurisdictions have differing laws and rules to consider when selecting the total term of the trust. We suggest 21 years will satisfy all laws and jurisdictions, giving you maximum flexibility. You can include a simple renewal option for additional periods of 21 years.  |