- Honorary trust
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 cemeteryplots.
The name of the device derives from the lack of any beneficiary legally capable of enforcing an honorary trust: the
trusteeis bound by honor, but not by law, to carry out the wishes of the creator of the trust.
Like many states,
New Yorkhas only recently allowed such trusts by statute.
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Look at other dictionaries:
honorary trust — see trust Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. honorary trust … Law dictionary
honorary trust — An alleged trust predicated upon nothing more than a moral, ethical, or honorary obligation. 54 Am J1st Trusts § 15 … Ballentine's law dictionary
honorary trust — noun 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 (such as a trust for the care of pets or maintenance of cemetery plots), for which trustee is… … Wiktionary
honorary trust — noun : a transfer of property for a designated noncharitable purpose that empowers the transferee to apply the property to the designated purpose or else to surrender it to the one making the transfer or to his estate and that is not enforceable… … Useful english dictionary
trust — n 1 a: a fiduciary relationship in which one party holds legal title to another s property for the benefit of a party who holds equitable title to the property b: an entity resulting from the establishment of such a relationship see also… … Law dictionary
honorary — I adjective commemorative, commendatory, dedicatory, enshrining, hallowing, honorific, honorifical, in memory of, in tribute, kept in remembrance, memorial, perpetuating, recalling to mind, serving to commemorate associated concepts: honorary… … Law dictionary
Honorary — An honorary position is an unpaid position. Other uses include:* honorary title awarded as a mark of distinction ** honorary citizenship awarded to aliens who have rendered service to the state ** honorary degree academic degree awarded to… … Wikipedia
trust — A legal entity created by a grantor for the benefit of designated beneficiaries under the laws of the state and the valid trust instrument. The trustee holds a fiduciary responsibility to manage the trust s corpus assets and income for the… … Black's law dictionary
Honorary Police — Officers of Saint Helier Honorary Police There is an Honorary Police (French: Police Honorifique) force in each of the 12 parishes of Jersey. Members of the Honorary Police are elected by the voters of the parish in which they serve, and are… … Wikipedia
honorary — As applied to public offices and other positions of responsibility or trust, this term means either that the office or title is bestowed upon the incumbent as a mark of honor or compliment, without intending to charge him with the active… … Black's law dictionary