Executory Trust

Definition of Executory Trust

Under this type of trust a further conveyance or settlement is to be made by the trustee. The test as to whether a trust is an "executory trust” is to determine whether settlor has acted as his own conveyancer and defines precisely the settlement to be made, and, if he has, the word “heirs” is one of limitation, and if he has not, the trust is executory, and the word “heirs” is a word of purchase, and the persons coming within such definition have an interest in the property. Sutliff v. Aydelott, 373 Ill. 633, 27 N.E.2d 529, 532.

That's the definition of Executory Trust in Black's Law Dictionary 6th Edition. Courtesy of Cekhukum.com.