What is a perpetual trust?
A perpetual trust is a type of trust that does not have a set expiration date. In California, perpetual trusts are governed by the California Uniform Trust Code, which is designed to provide a uniform set of laws for governing trusts in the state. Perpetual trusts are typically used to manage wealth between generations without the need for a will. Assets in a perpetual trust are managed by a trustee who is responsible for investing and managing the assets according to the terms of the trust. The trust may also have rules and provisions set out in it that dictate how and when the assets can be distributed to beneficiaries. A perpetual trust is also often used for asset protection, as the assets placed in the trust are protected from creditors and other legal entities that might seek to seize them. Because a perpetual trust does not expire, it can provide long-term security and protection to its beneficiaries.
Related FAQs
How does a trust work to protect assets for future generations?What are the applicable statutes of limitations for contesting a will?
What is a spendthrift trust clause?
What is the difference between legal title and equitable title?
How can a trust become irrevocable?
What is a living will?
What is a surviving spouse’s right of election?
What is a charitable trust?
How is a trust taxed?
What are the duties of a trustee?
Related Blog Posts
Understanding the Basics of Inheritance Laws: A Guide to Successfully Navigating State and Federal Statutes - July 31, 2023How to Ensure Your Estate Plan Reflects Your Wishes Through Inheritance Laws - August 7, 2023
Protect Your Rights as a Beneficiary: Understanding Your Legal Rights After Beneficiary Inheritance - August 14, 2023
Comprehending the Duties and Responsibilities of Executors of Estates: How to Properly Administer an Estate and Fulfill Inheritance Law Requirements - August 21, 2023
Maximizing the Benefits of Inheritance Law for Family Heirs of Estates - August 28, 2023