Q: Is there any way to make a dynasty trust good for only the oldest child born?
I have a good amount of land and do not want it split up and sold off, I want to keep it together. Is absolute primogeniture an option when setting up a dynastic trust?
A: There are ALL KINDS of alligators wading in the swamp you're discussing. GENERALLY you can make a trust to benefit as few or as many people as you want. But while that may be the short answer to your question, it misses the complications that may make any trust you create invalid or subject to challenge.
One of the big myths is that trusts can't be challenged like wills can. Sorry, but that is wrong.
Similarly, there are rules that need to be followed for a trust to be enforceable!
For example, while Arkansas is one of the states that has adopted the Uniform Statutory Rule Against Perpetuities which provides some cover, the terms of that statute need to be considered in drafting documents meant to be enforced there (you don't say but I assume that is where the land in question is located).
In short, seek local legal help and you can discuss what you want to do, the pros and cons of the plan you propose and then insure the documents you get work the way you expect!
-- This answer is offered for informational purposes only and does not constitute legal advice or create an attorney/client relationship.
I am licensed to practice in Michigan only. Please seek competent local legal help if you feel you need legal advice
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A: You can make whomever you want the beneficiary or trustee. If you just want the oldest child to inherit, that is fine and you can put language in there to that effect. Make sure you are creating a trust that effectuates what you want. Do not leave it to the oldest child because "they know what to do with it."
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