charitable trust

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A charitable trust is a trust made for the benefit of specific charitable purposes.  The purpose of the trust must fall into one of the specific purpose categories or is it not valid.  Charitable trusts are favored by the law.  They do not have to have definite beneficiaries because the party who enforces the trust is the attorney general.  Also, charitable trusts are not subject to the rule against perpetuities.

See e.g., Sagtikos Manor Historical Soc'y, Inc. v. Robert David Lion Gardiner Found., Inc. 7 A.D.3d 1056 (N.Y. App. Div. 2015)

[Last updated in July of 2022 by the Wex Definitions Team]