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She set up an honorary trust to ensure her dogs would be cared for after her death, asking the trustee to act out of honor rather than legal obligation.
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She set up an honorary trust to ensure her dogs would be cared for after her death, asking the trustee to act out of honor rather than legal obligation.
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Related words
honorary trust
Noun
(law)
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
bound
by
honor,
but
not
by
law,
to
carry
out
the
wishes
of
the
trustor.
Japanese Meaning
法的な強制力に依らず、信託者の意向を名誉に従って遂行するために設立された信託。 / 慈善目的も個別の受益者も存在せず、例えばペットの世話や墓地の管理などの目的で設定される信託を指す。
Related Words
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