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Aug 1, 2005 12:00 PM
Rise of the Purpose Trust
Most estate planners know the three basic elements of a trust: a trustee, a corpus, and one or more beneficiaries. Many commentators regard the presence of a beneficiary as the most important element, because without a beneficiary there would be no one to enforce the trust and hence there could be no trust.
Because of the beneficiary requirement, there has been a problem for those who want to create trusts to care for pets, maintain family property (such as antique cars or homes) or sustain a family business. Such trusts, considered to be established for a purpose rather than for beneficiaries, would fail as non-charitable purpose trusts. This is because neither the antique automobiles, nor the cats and dogs, nor the family home could sue the trustee to enforce the trust — and none of them is capable of having a personal representative.
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| GSTs | Family Offices |
| Private Foundations | Life Insurance |
| 2010 Tax Act News | Industry Trends Surveys |
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