Research On The Legal Issues Of British Testamentary Trust

Testamentary trust refers to the system formed on the basis of testaments, whichdiffers from the trust in the form of contracts. One makes his expected arrangementfor his assets after his death by setting up a will, which makes the testamentary trustbecome the most attractive way to manage property. Upon to the most advancedtestamentary trust operation environment in the UK, this paper engaged in the studyon some important and distinctive features of the legal issues respectively stemmingfrom the testamentary’s basic theory, subjects and objects, expecting to offer someinspiration and reference for the transplantation an establishment of testamentary trustin China. This essay is divided into three parts.Part I summarizes and analyses the basic legal points of will trusts, including the willtrust’s origin and development, legal characteristics and function. It is difficult tostrictly distinguish the origins between will trust and trust. Testamentary trust is asub-type of trust, so it harbors some unique points besides the generally legal features.Will trust meets the modern people’s demand that maintaining and appreciation invalue, which sufficiently shows the flexibility of trust.Part II researches on the subjects of will trust. Among the parties to the trust legalrelationship, the trustor, trustee and beneficiary are the most important three roles.The scientifically configuration of rights and obligations of the three main partiesguarantees the well operation of trust. The analysis of those can help to learn from itsessence.Part III discusses the objects of will trust, which is also called trust property. Itcollectively embodies the trust’s unique features. The independence and identity ofthe trust property are the cores of trust operation. It is essential to identify the theownership of the trust property when ensuring the trust interests and offering legalreliefs once the interest is violated.Corresponding to the above three parts of the contents of this article, part IV firstlyproposes to re-constitute the value and function of China’s proposal testamentary trust,followed by noting the asymmetry between the main powers and responsibilities oflegal parties in Chinese testamentary trust relationship. Finally it analyses the realproperty ownership attribution in wills and trusts and makes recommendations.Testamentary trust is on the purpose to managing, inheriting and protecting a familyof wealth, to achieve inter-generational inheritance of property and the increase of their value. Since entrusted by people, work for people’s benefits. Will trust owns alot of advantages in the management of assets. Nowadays, as the increasinglywidened scope of demands for testamentary trust, leaning the English advanced legalsystem has great practical value and significance in China.