How long does a trust last in New York?

How long does a trust last in New York?

Planning one’s estate is an essential part of growing older. When an individual decides to plan his or her estate, they may feel as though it is appropriate to put certain assets in a trust for heirs to benefit from in the future. Of course, it is important for an individual to have an understanding of what exactly the provisions of their trust will be. Many people wonder how long the trust will be in effect after it has been created.

Trusts that are monetary in nature typically end when the money is gone. For example, if there is a trust that has been created for a minor’s college tuition, the trust will end after the tuition has been paid. There are also some circumstances where there is a trust that allows a minor to have access to funds when they reach a certain age. Once that money is gone, so is the trust.

However, when the trust contains real property such as a house, the circumstances may be different. In the unfortunate event that the house, for example, is destroyed, the trust has come to an end. Some trusts are created with an intentional end-date.

If you need assistance creating a trust, contact our firm today.

Matters related to bankruptcy and estate planning are very significant in one’s life and require the services of an experienced attorney. Our firm proudly serves clients throughout Rockland County and New York State. If you need effective legal guidance, contact Koplen Law today to schedule a consultation.