Research On Private Trust Law

The trusts are a kind of legal system originated in the United Kingdom, which appeared are results of social conditions and the role of various political forces. Among those conditions, citizens took advantage of the trust system to circumvent the system of primogeniture, Christian’s strong beliefs to donate to the Christian and the legal limit of kingship played important roles. The nature of the Trusts have different theories, some scholars believe that the Trust law belongs to property law but still have many scholar consider it belongs to the contract law, and others think it belongs to the organizational law. However, there is still no definitive conclusion. In our country, trust law belongs to the contract law and believes that trust is a kind of form of contract, but this argument still has flaws. The Trust can be divided into private trust and charitable trust from different purposes. In the United Kingdom and the United States, most of the trusts belong to private interest trusts. Among them, the Trusts in British are civil trusts, which are parts of private trust, and in the United States, trusts are mainly commercial trusts. In the process of private trust development, their functions are not limited to the most basic relief functions, which have constant development and evolution. By analyzed the civil and commercial trusts, the functions of the civil trusts are property management, protection of vulnerable groups, property distribution and so on. Commercial trust in real estate, pension, bankruptcy protection and other fields of application is also very worthy of our attention. Although private trust have developed a period of time, but still have some flaws like the lack of trust monitors and the limited conditions on the establish of a trust. And in other systems which can be helpful to the implement of trust law, we should also legislate trust market rules and trust tax laws.