The Legislative Perfection Of China Testamentary Trust System

With the deepening of the degree of openness and the development of economy in China,in the amount of wealth to standard list, the number of Chinese becomes more and more, from2014Forbes rich list analysis showed that by the end of2013, the number of Chinese thosebillionaires reached152, which Hong Kong occupied45, although the average age Regal thanthe world’s average age5years old, but the other data also showed that there are many olderpeople, for example, Wang Jianlin which is the mainland’s richest man is60years old, ZongQinghou which is the presdent of Wahaha Group is69years old, these figures indicate thatthe wealth of the rich in china can match with the world’s richest men’s wealth, on the otherhand it also implies some of the rich face the wealth inherited problem. In recent years, theregional cultural in mainland China and Hong Kong and Macao, exchanges and deepens, thethought of people is changing, the rich men do not have the same opinion of their death asbefore. The creation and accumulation of wealth need extraordinary wisdom, wealthinheritance and transfer of the wealth need more meticulous planning, some entrepreneurs andrich people complain about two kinds of inheritance way, contained the testamentarysuccession and the statutory succession, they seek to enjoy the interests from a longinheritance mode in developed countries and in Hong Kong and Macao, named testamentarytrust. Testamentary trust lives in "The trust law of the people’s Republic of China"(hereinafterreferred to as the "trust law"), but only can say it is conceptual representations. Our country’slaw have no details on specific operating process of testamentary and have no correspondingguarantee measures, there are no public testamentary trust cases in inland. From the analysisof the comparative method and the legislation law, our testamentary trust has not been started.Testamentary trust can develop in China depending on its condition and the currentconditions of our country, this is first consideration of the plan to implement the system oftestamentary trust. This paper tries use effective cases to discuss the feasibility oftestamentary trust system. This article consists four parts, the first part, introduces the basictheory of testamentary trust system, including the connotation of testamentary trust, theattribute of testamentary trust, including the dispose of property and the managementattributes, the legal relationship of testamentary trust; the second part, based on the "trust law"and investigate content to analysis China characteristics, including the establishment and theeffective of testamentary trust, the ownership of trust property, termination of testamentarytrust; the third part, through the development of the economy and culture in China, analysisthe necessity and feasibility of developing the testamentary trust, including the analysis ofcongenital conditions of testamentary trust which is the value of their own, the other acquiredfactors providing for testamentary trust’s development such as material, legal, cultural andother conditions; the fourth part, based on the "Inheritance Law" and the "trust law" putforward the legislative proposals on the testamentary trust, give its technical support,transmute it into heritage management tool in life. The fifth part, make a summary of thewhole thesis, face up to the positive function to testamentary trust and the negative influence.