Honorary trust
Encyclopedia
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
Charitable trust
A charitable trust is an irrevocable trust established for charitable purposes, and is a more specific term than "charitable organization".-United States:...

, nor a private beneficiary
Beneficiary (trust)
In trust law, a beneficiary or cestui que use, a.k.a. cestui que trust, is the person or persons who are entitled to the benefit of any trust arrangement. A beneficiary will normally be a natural person, but it is perfectly possible to have a company as the beneficiary of a trust, and this often...

 to enforce the trust. While such a trust would normally be void
Void (law)
In law, void means of no legal effect. An action, document or transaction which is void is of no legal effect whatsoever: an absolute nullity - the law treats it as if it had never existed or happened....

 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
Pet
A pet is a household animal kept for companionship and a person's enjoyment, as opposed to wild animals or to livestock, laboratory animals, working animals or sport animals, which are kept for economic or productive reasons. The most popular pets are noted for their loyal or playful...

s; and trusts to provide for the maintenance of cemetery
Cemetery
A cemetery is a place in which dead bodies and cremated remains are buried. The term "cemetery" implies that the land is specifically designated as a burying ground. Cemeteries in the Western world are where the final ceremonies of death are observed...

 plots.

The name of the device derives from the lack of any beneficiary legally capable of enforcing an honorary trust: the trustee
Trustee
Trustee is a legal term which, in its broadest sense, can refer to any person who holds property, authority, or a position of trust or responsibility for the benefit of another...

 is bound by honor, but not by law, to carry out the wishes of the creator of the trust.

Like many states, New York
New York
New York is a state in the Northeastern region of the United States. It is the nation's third most populous state. New York is bordered by New Jersey and Pennsylvania to the south, and by Connecticut, Massachusetts and Vermont to the east...

 has only recently allowed such trusts by statute
Statute
A statute is a formal written enactment of a legislative authority that governs a state, city, or county. Typically, statutes command or prohibit something, or declare policy. The word is often used to distinguish law made by legislative bodies from case law, decided by courts, and regulations...

.
The source of this article is wikipedia, the free encyclopedia.  The text of this article is licensed under the GFDL.
 
x
OK