How A Dynasty Trust Delayed A Legacy For 92 Years

When Burt died in 1919, his fortune was estimated at between $40 and $90 million. This was a significant sum of money, especially for that time. However, Burt was concerned about what would happen to his fortune after his death. He wanted to ensure that his wealth would be used to support his family for generations to come.

Burt chose to create a dynasty trust, a type of trust designed to last for multiple generations. The goal of a dynasty trust is to preserve wealth and pass it down to future generations, often with the goal of supporting family members for generations. However, Burt wanted to prevent any one family member from gaining too much power. He believed that such an event could lead to a situation where his legacy could be squandered by a single person, which would defeat his purpose.

This desire to protect his legacy led to a provision in his dynasty trust which called for the trust to be managed by an independent trustee. This trustee had the responsibility of making sure that the money was used for its intended purpose and distributed to the beneficiaries as Burt wanted. The trustee would be responsible for making sure the money was used for its intended purpose and distributed to the beneficiaries as Burt wanted. The trustee had full control over the money and could only distribute it for specific reasons, such as education, medical care, and living expenses. Burt wanted to ensure his family’s well-being for generations to come. Burt’s intention was to create a long-term plan for his family’s financial security and legacy. He believed that by setting up a dynasty trust with an independent trustee, he could ensure that his wealth would be used to support his family for generations to come. He also wanted to make sure that his legacy would live on beyond his lifetime.

With these intentions, Burt left only a modest annual allowance of $1,000 to $1,500 for each member of his family. This small sum was intended to provide them with a basic standard of living while the trust was being managed and distributed. He didn’t want the family members to be overly reliant on the trust for their financial well-being. He believed this would help ensure the trust would be available for future generations.

Burt understood the importance of careful stewardship and wanted to ensure the money would be carefully managed and passed down to future generations, with the intention of creating a lasting legacy for his family. However, as the years went by, it became clear that Burt’s plans had not gone as smoothly as he might have hoped. The dynasty trust, which was supposed to ensure the future financial security of Burt’s family, had instead become a source of conflict and legal battles.

The family was unhappy with the restrictions on the use of the trust funds, and they resented the fact that they could only receive a small amount of money each year. The independent trustee, who was meant to be a neutral party, became a target of their frustration. The family members felt that the trustee was holding them back from enjoying the fruits of Burt’s fortune and that the trustee was not allowing them to truly benefit from the legacy that Burt had created. This disagreement eventually led to a court battle that would drag on for 92 years.