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On Improvements Of Testamentary Trust In China

Posted on:2013-12-10Degree:MasterType:Thesis
Country:ChinaCandidate:L ZhouFull Text:PDF
GTID:2246330374490601Subject:Law
Abstract/Summary:PDF Full Text Request
Will and Trust refers to the system formed on the basis of testaments, whichdiffers from trust in the form of contract. During the design of this kind of trust, atruster in his or her testament declares the intention of establishing a will and trust.Main contents of this testament include rights and obligations of relevant parties,rules of managing and disposing intrusted properties, purposes of trust and so forth. Ingeneral, a testament becomes effective at the death of testator. In this sense, consigner cantransfer the intrusted properties to the mandatary. The mandatary then performs his or her rightsand obligations for the beneficiary or on the basis of the trust purposes. The will and trustoriginated from the usufruct system of England in Medieval. It was widely used as a propertymanagement method at that time to evade the feudal primogeniture and estate duties. The willand trust system was spreaded widely throughout the world owing to its advantages in propertymanagement and wealth inheritance. China introduced the will and trust system during the periodof Republic of China. The Law of Trust was enacted in2001which stipulated the system.However, the law formulated some excessively strict conditions for the foundation of will andtrust; and improperly colocated the rights and obligations of the truster and trustees. Moreover,The Law of Trust failed to establish a register system for will and trust. Therefore, the will andtrust system appears only on the paper and hardly applied. Here comes the question," Whatcourse can China’s trust and will system follow?" Essentially, the transplantation of trust and willshould experience a process of localization. Generations of Chinese legal persons have beensought after the answer indefatigably. The second section probes into the necessity andfeasibility of the Will and Trust System in China. Essentially, the feasibility andnecessity analysis is tasked with unearth the suitability or adaptability of the Will andTrust System in China. Also, several questions are raised in this section which arecore arguments in the following part. Restructuring the values and functions of theWill and Trust System in China is discussed in the third section.It puts forwards amore profound implication that weaknesses of legislating and value together cause themalfunction of the Will and Trust System in China. There are now severe shortages inthe inheritance law in China on the protection of the subject intest in succession legalrelationship and the maintance and appreciation of inherit property,while theestatetrust system will effectively relief this situation and give a full play of itsimportant socialfunction to promote family harmony and develop the public welfare affairs. The forth section discusses the legal relationships among trustor,trustee andbeneficiary. The fifth part focuses on the trust properties with special attention totheir characters and adscriptions. Considerations are also given to the independenceof trust properties and issues relating to trust formation, validity and register.
Keywords/Search Tags:Will and Trust, Function and value, Parties to a Trust, Trust property
PDF Full Text Request
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