Honorary Trust Law & Legal Definition
Honorary trust is a trust which does not a have private beneficiary nor a charitable purpose. Although a trust is void for lack of a beneficiary, certain exceptions exist. Honorary Trusts can be created to benefit a pet or for maintenance of a monument. It is called an honorary trust because the trustee is intended to be honorable in respecting and executing the purpose of the trust. Some states allow Honorary trusts as long as their purpose is not illegal and are set for a specific period of time.
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