Testamentary Trust System And Its Enlightenment

With the social and economic development, there were many practice involving "testamentary trust", while most of us focused on the construction and improvement of our country’s testamentary trust system, rarely researched the testamentary trust from the perspective of the common law system. In my view, a good research on the testamentary trust in England and America should be made before we could make some improvements on the construction of testamentary trust in China, for the testamentary trust derives from England and is highly developed in America, only in this way, can we draw useful part from it and ameliorate the situation of testamentary trust in China. This paper aims at researching testamentary trust system of common law which has matured and mainly divides into five parts to introduce the system of testamentary trust of common law:The first part summarizes the basic legal points, mainly including the origin and development of testamentary trust. Then statement on the concept of testamentary trust and the legal characteristics of the testamentary trust are made. The second part introduces the testamentary trust of common law system, including the establish of testamentary trust, the change of testamentary trust, and the supervision of the testamentary trust. The third part introduces the introduction of the testamentary trust system in civil law countries and district. Taking Japan and Taiwan as examples, this thesis attempts to study the localization of the testamentary trust system in civil law countries. The fourth part mainly discusses the differences of the testamentary trust between common law system and civil law system, such as the collision of dual ownership and the single ownership, and the differences in supervision of the testamentary trust. Based on the first four parts of this article, the fifth part explains the motivation of the development of the will trust in our country. Later, analysis of the status of the testamentary trust system and the choice of legislative mode are made. Finally, suggestions on the construction of the specific testamentary trust system are given.Legislation in our country, is often changed by practice. In the law practice, testamentary trust is widely used to transfer family wealth, to realize the family wealth management and inheritance. To study the testamentary trust system of common law is of great significance to the construction of our country’s testamentary trust system.