Is there a time mandated before a person dies that a Trust must be established?
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Is there a time mandated before a person dies that a Trust must be established?
Asked on March 3, 2014 under Estate Planning, Missouri
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 9 years ago | Contributor
Irrevocable trusts cannot be terminated after they are finalized. This sets them apart from revocable trusts which can be terminated, at least until they become irrevocable at the death of the trust maker (the grantor). When talking about trusts, the term “living” means that the trust goes into effect during the grantor’s life. So, an irrevocable living trust is a trust that 1) goes into effect during the grantor’s life and 2) cannot be revoked. To confuse things further, a “testamentary” is a trust that is made during a grantor’s life, but does not go into effect until the grantor’s death.
Answer: There is no time period mandated before a irrevocable or revocable trust is to be created before a person passes. The key is whether or not is the person competent to create the trust.
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