Heritage (or Dynasty) Trust
Many people set up revocable trusts or wills to leave their assets outright to their children when they die. Did you know there may be a better way to pass your assets on to your family? Instead of leaving your estate directly to your children, why not leave it to Heritage trusts for your children, which you can create here and now?
What is a Heritage (or Dynasty) Trust?
The Heritage (or Dynasty) trust is created by you and names your child as trustee and beneficiary when you die.
Typically, your child is given control of the trust as trustee and has access to the income and the principal of the trust. When your child dies, the unused portion of your child’s inheritance goes to your grandchildren.
If the grandchildren are under age 25, the funds are held in trust for them until they reach 25 years old, with the trustee (usually one of your other children) using a portion of the assets as may be needed for their education, health, maintenance and support. If your child dies and has no children of his own, the trust funds go to your other surviving children. Your assets remain within your family for generations to come.