| Trust system that originated from common law legal family countries has a long history. In China, it established in1980s, which didn’t totally come from the common law system. Clear solution to the problem, caused by the conflict between trust system in the common law system and the civil law theory in the civil law system, has not been given until now when the trust system is under development in China. The thesis is about the development of trust wills and trust notarization.Trust is an old system. There is a theory that trust system originated from the system of succession and legacy in the Roman law. In usual parlance, trust was the outcome of the feudal land ownership in medieval Britain and is an important part of the common law system. In China, commercial trust developed rapidly in recent years.Trust originated from Britain, but commercial trust spread into US after American Revolution and has been developed rapidly. Commercial trust, represented by mutual funds and pension funds is accepted generally in US. For example, Uniform Trust Code published in2000is the first codification of the American trust law and adopted by21states. The Japanese government enacted trust law in1922and law of trust firms which followed, which laid a foundation of trust system. Before the trust law of Taiwan District enacted, laws regarded to trust comprised of judicial precedents, judgments and acts. Trust companies have been allowed to set up in Taiwan since1970and Huaqiao, Guotai, Zhonglian and other two trust and investment companies established. Treasury department of Taiwan established a research group of trust. After10years of discussing, Taiwan’s legislature approved trust law, which improved the environment of trust and expand the volume of business.Because there are some conflicts between trust system in the common law system and our legal system, especially the blank state in trust wills, testamentary trust system in mainland is in its infancy and far from perfect. he problem should be solved first in the future is how to relieve the contradiction between Trust Law and Inheritance Law.Notarial will, the traditional work of notary office and the most powerful form of will in accordance with Inheritance Law, has been recognized by people in practice. Continuing to expand scope of notarial services and intensifying notarial testamentary service are the focus of future work.Along with level of people’s standard of living improved successively, the growing middle class realized the importance of property arrangement and transfer in advance. Notary offices, the statutory certifying institution, have advantages in handling civil cases. Notary publics as legal advisor have decades of experience in inheritance, marital property arrangement, will making and keeping. Notarial will, the most powerful form of will in accordance with Inheritance Law, has been recognized by people and has been an effective means of property disposition after death. Development of notarial testamentary trust in civil trust will open a vast world for the notary offices. Notary publics with high quality and strong notary offices provide a powerful platform of human resource and material for notarial testamentary trust.The status quo of trust in China can be summarized as3points,"regulations to follow, impossible to operate; flexible registration, risk behind; developed areas, try new products". New trust registration system can be established firstly in Beijing, Shanghai, Shenzhen and other developed areas on the coast, for the developed market economy in these areas requires more trust products. The establishment of trust registration in these areas in the earlier stage will effectively solve the problem caused by few trust registration offices.Trust has a profound significance not only to the growth of financial markets and the property management and transfer in every family, but also to the stability of families, society and capital markets, the most important, to the construction of harmonious society in China. |
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