What is a Common Law Trust?

We have all heard the stories of how a person's relative died and the lawyers and taxes devoured most of the estate before the inheritors received their portions. This kind of asset degradation can even happen with a statutory trust because legislators, who have an insatiable desire to take more and more from wealthy citizens, often change laws at will, without even the threat of public opposition. In contrast, Common Law trusts are not vulnerable to such capricious actions of elected and appointed officials because they are not based on statutory construction.The Common Law trust, or Pure trust, is an irrevocable private trust based on principles of Common Law, which endure through centuries without governmental perversion. Having a trust with such an unshakeable foundation has enabled billionaires to protect and preserve their hard-earned wealth through many generations. For example, it has been reported that H. L. Hunt, the Texas Oil Billionaire, paid $75,000 to set-up the first Hunt Family Pure Trust. Today it is estimated the family uses at least 200 trusts.

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