Honorary trust
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An honorary trust, under the law of trusts, is a device by which a person establishes a trust for which there is neither a charitable purpose, nor a private beneficiary to enforce the trust. While such a trust would normally be void for lack of a beneficiary, many jurisdictions have carved out two specific exceptions to this rule: trusts for the care of that person's pets; and trusts to provide for the maintenance of cemetery plots.[1] [2] [3]
Generally, rules require these elements or factors: "they cannot exist beyond the period of the rule against perpetuities, and their amounts cannot be unreasonably large for the purpose to be accomplished .. [and the] purpose must also be that of a reasonably normal testator and cannot be capricious."[1][2] In some jurisdictions, a trust for the saying of masses may be allowed.[1]
The name of the device derives from the lack of any beneficiary legally capable of enforcing an honorary trust: the trustee is bound by honor, but not by law, to carry out the wishes of the creator of the trust.
Like many states, Colorado (2020)[4] and New York has only recently allowed such trusts by statute.
See also
[edit]References
[edit]- ^ a b c "HONORARY TRUST". West's Encyclopedia of American Law. Retrieved February 9, 2023.
- ^ a b Ausness, Richard C. (2016). "NON-CHARITABLE PURPOSE TRUSTS: PAST, PRESENT, AND FUTURE" (PDF). ABA Real property trust and estate law journal. Vol. 51, no. 2.
- ^ Davis, Lenore S. (n.d.). "Pitfalls in Pet Planning" (PDF). NYSBA.
{{cite web}}: CS1 maint: year (link) - ^ "2020 Colorado Revised Statutes: Title 15 - Probate, Trusts, And Fiduciaries: Article 11. Intestate Succession and Wills: Section 15-11-901. Honorary trusts; trusts for pets". 2020. Retrieved February 9, 2023.
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