Study On Testamentary Trusts

A testamentary trust is one created by a valid will. The famous British jurist Frederic William Maitland had appraised the trust as "the most prominent contribution to legal world by English lawyer". A testamentary trust can not only achieve the intergenerational transmission of wealth, but also expand the deceased's will in both time and space."Trust Law of the People's Republic of China" was decreed in 2001. However, 10 years have passed and the testamentary trust failed in the practice. There are two main reasons: one is the lack of trust tradition; the other is the defects in the regulations. Since the growing of personal wealth and the deepening needs of financial services today, testamentary trust should become a rational choice for the after-death arrangements. This paper will try to make a clear analysis towards the testamentary trust and clarify the misunderstandings raised in the legal transplant process:Chapterâ… "Testamentary Trust Overview". It is the introduction of the concept of a testamentary trust, by using the method of comparative analysis to explain its characteristics and functions.Chapterâ…¡"History and Empirical Research on Testamentary Trust". Through analyzing the fedeicommissum in Roman and the USE in British, it results that the testamentary rooted in USE. American and Japan are set as examples to research the modern development of testamentary trust.Chapterâ…¢"Testamentary Trust Interpreted in the Context of the Civil Law System". This chapter is a deep discussion towards the establishment, effects, alteration and termination of the testamentary trust.Chapterâ…£"Improving Testamentary Trust Legal System in China". Through reviewing the China Trust law, this chapter points out the defects in the law and provide some proposals in legislation and development.