Honorary trust: Difference between revisions
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{{Wills, trusts, estates}} |
{{Wills, trusts, estates}} |
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An '''honorary trust''', under the law of [[trust (property)|trusts]], is a device by which a person establishes a trust for which there is neither a [[charitable trust|charitable purpose]], nor a private [[beneficiary (trust)|beneficiary]] to enforce the trust. While such a trust would normally be [[void (law)|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 [[pet]]s; and trusts to provide for the maintenance of [[cemetery]] plots. |
An '''honorary trust''', under the law of [[trust (property)|trusts]], is a device by which a person establishes a trust for which there is neither a [[charitable trust|charitable purpose]], nor a private [[beneficiary (trust)|beneficiary]] to enforce the trust. While such a trust would normally be [[void (law)|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 [[pet]]s; and trusts to provide for the maintenance of [[cemetery]] plots.<ref name=West>{{cite web|url=https://www.encyclopedia.com/law/encyclopedias-almanacs-transcripts-and-maps/honorary-trust|work=West's Encyclopedia of American Law|title=HONORARY TRUST|access-date=February 9, 2023}}</ref> 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 [[Reasonable person|reasonably normal testator]] and cannot be [[Arbitrary and capricious|capricious]].<ref name=West /> In some jurisdictions, a trust for the [[saying of masses]] may be allows.<ref name=West /> |
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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. |
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. |
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* [[Purpose trust]] |
* [[Purpose trust]] |
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==References== |
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{{reflist}} |
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[[Category:Wills and trusts]] |
[[Category:Wills and trusts]] |
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Revision as of 16:20, 9 February 2024
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| Wills, trusts and estates |
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| Part of the common law series |
| Wills |
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Sections Property disposition |
| Trusts |
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Common types Other types
Governing doctrines |
| Estate administration |
| Related topics |
| Other common law areas |
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] 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] In some jurisdictions, a trust for the saying of masses may be allows.[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, New York has only recently allowed such trusts by statute.
See also
References
- ^ a b c "HONORARY TRUST". West's Encyclopedia of American Law. Retrieved February 9, 2023.
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