Honorary Trusts Flashcards
1
Q
Honorary trust
A
An honorary trust is not for charitable purpose and has no private beneficiaries.
Examples: maintenance of funeral plot or trusts for pets.
Enforceable by someone named in the trust or appointed by the court.
2
Q
UTC limitations
A
Many courts hold that honorary trust is void if it continues beyond lives in being plus 21 years.
3
Q
Trusts for care of animal
A
These are valid but terminates when the animal dies.
