What is a perpetual trust?
A perpetual trust is a type of trust set up in Massachusetts that is designed to remain in existence without a certain end date. This type of trust can be used to protect assets and resources from creditors, as well as from state or federal taxation. It is also a useful tool for avoiding family discord over assets. In essence, a perpetual trust has no time limit on it. It can stay in existence until the trust terminates or the beneficiary of the trust dies. During this time, the trust can be used to satisfy the desires of the creator of the trust in a way that is legally enforceable. This means that the trust can be used to provide for the family, provide charity, or even avoid taxes. The key features of a perpetual trust in Massachusetts are that it must be irrevocable, meaning that it cannot be changed or amended once it has been created; it must also designate a trustee who is legally bound to serve the trust and abide by its terms; and it must name a beneficiary, which is the person or entity that will ultimately receive the assets held in the trust. In order to create a perpetual trust, you will need an experienced attorney who can help make sure the trust is structured correctly in order to last for an indefinite amount of time. In addition, perpetual trusts can be expensive to establish, so it is important to consider the benefits and drawbacks before making the decision to create one.
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