Leona Helmsley left a $12 million trust for her dog in her will, highlighting the use of honorary trusts for non-human entities. While some states may not accept these trusts, New York does, making it difficult to contest a will with such a trust. The honorary trustee is responsible for ensuring the deceased’s wishes are carried out.
When Leona Helmsley, the notorious hotel and real estate owner and millionaire, died in 2007, one of the stipulations of her will was the establishment of a $12 million (USD) trust for the care of her Maltese dog. , Trouble. Many people commented after hearing her will that it wouldn’t have been a bad day to be a dog. In particular, her two sons who were removed from her will may have felt the sting of inheriting nothing from her, while a dog sat nice in an exorbitant honorary trust.
An honorary trust is a fund established, usually in a will, for a non-human or non-corporate entity. In most cases, people establish an honorary trust for a surviving pet or for the purpose of erecting a memorial. There are limits on where and when you can establish a fee trust, and not all states accept these trusts as legal. As Helmsley’s death implies, New York clearly accepts certain honorary trusts, and people may have a difficult time trying to contest a will with trusts of this nature.
If there is a case that the trust is established in a state where it is illegal, the money returns to the original state. Others who benefit from the will may inherit more money, or the deceased person’s relatives may challenge the will. Also, an honorary trust intended to establish a monument can be ignored.
If a person wishes to have a monument erected for himself or herself on land owned by the city or state, the city or state is not required to act on this wish. The only reason they might be motivated to do so is if there is a financial incentive. For example, a will may set aside an honorary trust for the purpose of erecting a monument and leave money to the local or regional government only if it complies with the person’s wishes.
The honorary trustee is a person established to see that the wishes of the deceased are carried out with respect to the honorary trust. If the money set aside in trust is to care for a pet or pets, the honorary trustee might provide that care or designate someone to do so, and monitor them to make sure the trust is honored as stipulated. If a person were an honorary trustee to establish a monument, he or she would work with city or regional officials to try to fulfill the person’s wishes.
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