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Many people want to ensure that the things and people important to them in their lives are provided for after they are gone. One way to achieve is this goal is to set up a trust that names these people or things as beneficiaries. Normally, a trust has to name some legally cognizable beneficiary such as a person, a legal entity, or a charitable purpose, such the promotion of education or religion. Some jurisdictions, however, allow for the creation of an honorary trust to benefit things like pets or cemetery plots.
Why You Should Hire an Honorary Trust Attorney
In order to determine whether your jurisdiction allows for honorary trusts, you should contact an experienced trusts attorney. A trust attorney can assist you by:
- Informing you as to whether your jurisdiction allows for honorary trusts
- Determining what the allowable beneficiaries of honorary trusts are
- Drafting the documents required to create an honorary trust
- Advising you on any tax or estate planning issues that may arise in the creation of an honorary trust
If you are considering creating an honorary or other form of trust you should contact an experienced trust attorney in your jurisdiction. Trust law can be very complicated and requires strict compliance with legal formalities. Because significant assets can be on the line, it is important that your trust is created correctly and the legal relationships involved are clearly defined.
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