Improvement On China Testamentary Trust System

With the world and the country as a whole economic development,the public personal property in the rapid accumulation of the rich team is growing.The latest 2016 Global Wealth Report shows that China's net worth(net worth of more than $ 50 million)has reached 1.1 million,accounting for 9% of the world's top net worth.Can predict that China's current and future for a long time the number of people holding the property will be more and more.With the increase in the amount of property,people will have their own arrangements for the death of property arrangements will change.Social change,the level of the economy,will lead to the rich people behind their own heritage treatment changes,wills and bequests and other one-time transfer of the legacy of the system gradually become insufficient to meet people's needs,people tend to make themselves more Of the wealth in their own death can continue to preserve and increase value,continue to bring income so that their ancestors and grandchildren can enjoy the wealth.Obviously,wills and bequests are unable to meet this demand,the will of the trust because of its both the function of property transfer and property management functions,coupled with the trust in the continuous beneficiaries and other issues arranged on the flexible,fully able to meet the rich Above the demand,but also because of the significant advantages of the will of the trust,and only it can meet the needs of the people.Especially now that many rich wealth embodied for their own years of hard work to create the "business",if there is such a "business" wealth,the parties will be more reluctant to die after the separation between wealth,but also want to let the wealth Forever,by the descendants of grandchildren carry forward,share the benefits.But in actual operation,on the one hand these heirs do not necessarily have the ability to maintain the survival and development of enterprises,so that permanent glory,on the other hand,many offspring do not want to inherit the interest of the enterprise.In the case of future generations can not inherit the enterprise,the elders need to find their own business to find a way out,more of their own "business" this wealth through the trust of the trust in the post-mortem trust to manage is the need for management.And from the system itself,the will of the trust system there is superior to the will of inheritance,bequest,place of birth trust and other places,this is the will of the trust itself system advantage.First,the will of the trust can be flexible implementation of the client's intention,the will is the client's intention of the assembly,the will set up a trust still reflects the intention of the testator,the property heritage approach than the simple will have greater flexibility;Second,the property tax can be reduced.Under the design of the will trust,the client transfers the property to the trust company,the bank,etc.,and is not inherited by the heir,so he can not pay the inheritance tax.Thirdly,it is possible to better protect the weak on the inheritance law,and the will can only retain the property for it,but it can not make a more appropriate arrangement for his future life.In the will trust,the client may be a minor,And so planning the benefits of good property to protect its long life.Because of its function of property transfer and the function of property management,as well as the willingness of the will trust in the continuous beneficiaries and other issues arranged to meet the needs of this demand.However,China's will trust in the system has not yet formed,only the succession law Article 8,Article 13 of its simple reference,and no detailed provisions,a serious obstacle to the development of practice.What is the origin of the will trust? How does the system run? What is the current legislation and practice? How to solve? These are the questions to be answered in this article.This paper is divided into five parts,the first part is the introduction of the article,the author leads to a case to explain the importance of the will of the trust and the need for China to improve the will trust system.The second part is the summary of the Lettered Trust: The author introduces the origin of the will trust from the Roman Heritage Trust and the British Testament Trust System respectively;defines the concept of the will trust in the comparison with the concept of the entrusted management,the bequest,the heritage trust and so on.The third part is the legal analysis of the test trust,in which the author from the trust of the trust of the trustees,trustees,beneficiaries of the parties and unilateral legal acts of the law The property has been systematically explained in terms of both attributes.The fourth part of the author analyzes the present situation of the legislation of the Chinese telegraph and its existing problems,the problems are mainly reflected in the following aspects: the defects on the establishment,the defects on the entry into force,the defects in the trust property,the defects on the appointment of the trustee And the defects of the promissory trust supervision.The fifth part is to put forward the proposal of perfecting our will trust by objectively proposing the above problems.