The Trust is an institution with a long tradition of Anglo-Saxon, developed in common law countries, and that has made its entry in Italy with the ratification of the Hague Convention of 01/07/1985 by the law of 9 October 1989 n . 364.
A trust is a very versatile legal figure. According to art. 2 of the Convention, "Trust is a legal relationship established by a person, the settlor, with inter vivos or mortis causa, when assets have been placed under the control of a trustee in the interest of a beneficiary or for a specified purpose. "
The essential structure of the trust sees the presence of four parties:
The trustee is obliged to administer the assets held in Trust seconod the settlor's instructions.
The trust therefore results in a transfer of assets / rights by the Settlor to the Trustee; the trustee becomes administrator of the aforementioned goods with the constraint of managing the interests of the beneficiaries, ie on the basis of a purpose.
The main effect of the trust is to segregate a given heritage so that they may no longer be attacked by third party creditors, whether the settlor, the trustee or / the recipient / s, saves the existence of pathological conditions (for example, capture by the settlor of the balance mass to its creditors).
The Trust Fund comes out then definitely from the assets of the settlor but becomes part of the trustee's own estate, and is therefore not subject to the claims of creditors or the heirs or the spouse of the trustee himself.
The Trust is a particularly versatile figure in the case of inheritance, marriage crises, separations and divorces, coming to give greater protection to assets inherited by the children. In corporate matters the Trust is particularly useful in enterprise generational passages of corporate assets, with special fiscal advantages.
Allow you to create a separate and guaranteed trust, with the advantage that such assets may not be attacked except by creditors of the trust. On top of it the structure will be able to simultaneously lay the groundwork for a hereditary subdivision. During the life of the trust, the trustee may carry out all operations useful to the management including the sale. This kind of flexibility and safety in Trusts allow them to work better for these scopes then the institution of the usual capital fund.
In Trust's control can be transferred any types of goods and assets. This kind of solution allows, among other things, to manage and to use protected assets with multiple benefits for everyone.