Study On Testamentary Trust System

Testamentary trust (Probate Trust), also known as the death trust, refers to anmechanism under which the testator disposed its property through a trust created bymeans of wills. In other words, it is the exact mechanism under which successor orprincipal have the proposed sharing plan of the property, including the management,share, usage and payment provided for in details in the wills. Testamentary trustsystem can be traced back to Roman times, the heritage trust, testamentary trust in themodern sense originated in the UK usufruct (use) system, due to the unique featuresof the trust system and transplanted to Japan and other civil law countries.Testamentary trust system has been widely used in Britain and other Westerncountries, testamentary trusts the system in a foreign country the formation anddevelopment of history shows that it is With the continuous development and progressof society, to overcome to improve the results of the original system of inheritance.Our country despite the mentioned in the Trust Act of2001, we can say, from thelegislative point of view, China is a testamentary trust system in judicial practice,China will trust the system has not really started. At present, China’s nationaleconomy each year at a rapid pace, the prosperity of the country, increasing the wealthof society the same time, personal wealth is also expanding in this situation, the lawof succession promulgated in1985, has been nearly30years, has been especiallyrapid expansion of the era of personal wealth and social development areincompatible. Therefore, China will trust the system in case there is no othersupporting systems or other supporting systems is lagging behind only the existenceof the testamentary trust system in the sense of paper, hence the system of thetestamentary trust research and research-based Improvement of wills The trust systemis indeed necessary. This article is divided into five parts: the first chapter of the article, the author of abrief case in the introduction as the entire article, to illustrate the significance andnecessity of the testamentary trust system. The second chapter, an overview of thetestamentary trust, in this section, the author first introduced the testamentary trust theorigin of the system development, and thus the definition and analysis of thedefinitions, characteristics and functions of the testamentary trust. The third chapter,the main part of this article, the author from the perspective of the legal relationship ofthe testamentary trust system a comprehensive analysis of the three parties in thetestamentary trust system. According to the analysis of the above three-part article thefourth and fifth analysis of the status quo of China’s testamentary trust legislation ofthe system and improve our testamentary trusts the necessity and feasibility of thesystem, and improve our testamentary trust system recommendations in the final. Thefocus of improving the testamentary trust system is sound and sound of other relatedsystems. The last section concerns the concluding remarks of this article.