An often forgotten trust, is the non-charitable purpose (NCP) trust. These trusts do not have human beneficiaries. Examples of NCP trusts include pet trusts and honorary trusts. NCP trusts can be used to provide maintenance and care for various types of property such as family heirlooms and antiques, art collections, royalties, and digital assets.
See Al W. King III, Trusts Without Beneficiaries–What’s the Purpose?, Wealth Management, Feb. 2, 2015.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.
