Longterm trusts created to pass wealth without incurring transfer taxes including gift and estate tax. The defining feature of the dynasty trust is its term. The trust can live following the departure of the last beneficiary who had been living when the trust was set up for 21 years, and it may last for over 100 years. The beneficiaries of a dynasty trust are typically the grantor"s kids, and following the departure of the final kid, the grantor"s grandchildren or great grandchildren normally become the beneficiaries. The trustee who"s named by the grantor controls the operation of the trust. The dynasty trust is irrevocable, meaning the grantor is not going to have some control on the assets or be allowed to amend the trust provisions, that after it"s financed.