Honorary Trusts Flashcards
1
Q
Honorary Trusts
A
An honorary trust is one that does not qualify as a charitable trust, but lacks definite beneficiaries capable of enforcing it. Trusts of this type ordinarily violate the rules of trust creation (for lack of a definite beneficiary) and RAP (for lack of any limit to their duration). However, most courts and legislatures have permitted such honorary trusts to stand, with the trustee bearing only a moral or honorary obligation to follow the terms of the trust before accepting the property to put to its use.
2
Q
Types of Honorary Trusts
A
If enforceable, they can include:
- a trust to provide for the care of an animal alive during settlor’s lifetime (trust terminates at death of animal); or
- trust to be used for the care of a gravesite
