Massachusetts General Laws ch. 203E sec. 409 – Non-charitable trust without ascertainable beneficiary
Section 409. Non-charitable trust without ascertainable beneficiary.
Terms Used In Massachusetts General Laws ch. 203E sec. 409
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Trustee: A person or institution holding and administering property in trust.
Except as otherwise provided in section 408, or by another general or special law, the following rules shall apply:
(1) A trust may be created for a non-charitable purpose without a definite or definitely ascertainable beneficiary or for a non-charitable but otherwise valid purpose to be selected by the trustee.
(2) A trust authorized by this section may be enforced by a person appointed in the terms of the trust or, if no person is so appointed, by a person appointed by the court.
(3) Property of a trust authorized by this section may be applied only to its intended use, except to the extent the court determines that the value of the trust property exceeds the amount required for the intended use. Property not required for the intended use shall be distributed to the settlor, if then living, otherwise to the settlor’s successors in interest, unless the terms of the trust provide otherwise.