Quote:
|
If this isn't how it works, someone please school me.
|
You are generally correct, although most states have what is called "
the rule against perpetuities." This basically is a rule designed to prevent property from being controlled by the directives of people who died a long time ago - though with good planning, you could still have a trust that continues 70-100 years after you died.
The flipside is that there are many different approaches to how states deal with the Rule Against Perpetuities and in some states, if you mistakenly draft a trust that COULD violate the rule, then the whole trust is invalid.