In some instances, families want to preserve assets in the future for many generations. For example, parents may have a strong desire that the family farm stay in the family for future generations who will benefit from income and otherwise enjoy the property, but not have control over the property.
One tool to accomplish this is a dynasty trust. Dynasty trusts can be designed to hold property for the enjoyment of many generations. There are a number of important considerations in developing a dynasty trust, including selecting a trustee and successor trustee(s), in addition to determining how long the trust will last.
With thoughtful and experienced planning, a dynasty trust can be the perfect solution for a family asset to stay in the family for many generations.