What is Trust?

Here are some simple observations, in order to outline the main characteristics of a Trust. We always need to pay attention to the fact that there is not only one type of Trust: trusts are very different and the characteristics of each of them, and they can be completely different one from the other.

It can be said that each Trust is like a tailor-made suit, whose style depends on the characteristics of the case or on the will and personal needs of the individual person who constitutes it.

The Trust is an institution of Anglo-Saxon origin, currently spread all over the world.

Pursuant to the Hague Convention on the laws applicable to the trust of 1 July 1985, all EU member states recognize the legitimacy of trusts established abroad and allow them to be used and operate also within EU territory, even when all the elements (in particular, entity and property) are located in a different country.

The natural or legal entity, named settlor, has the power to establish the Trust and appoint the Trustee, to whom he transfers one or more assets.

The trustee takes over the management of the property and manages it in accordance with the objectives set by the settlor and in the interests of one or more beneficiaries.

An important figure is the one of the Protector who is usually a trusted professional of the settlor or of the beneficiary who is given the power of attorney to control the work of the Trustee and eventually break the Trust contract by returning immediately the ownership of the assets to the beneficiaries.

USES OF THE TRUST

The assets are held on behalf of the Trustee, thus keeping the identity and interests of the settlor and beneficiaries confidential.

Trusts allow you to more flexibly determine exactly how inheritance is distributed. For example, trusts are often established in wills to allow a second spouse to benefit from property while she is alive, but ensuring that children of a previous marriage receive ownership when the second spouse dies.

A way to place activities all over the world in a single vehicle to simplify the management of activities and centralized financial reporting.
In addition to establishing participatory structures for wealth protection, growth and transition, a family trust can be a tool for implementing broader succession, leadership and governance plans. Trusts can also be used to protect assets from future creditors.

The Trust can also be used to reduce tax liabilities in some circumstances. For example, since trust-regulated activities are not part of the beneficiary’s assets until the beneficiary receives the benefits, the personal income taxes can be reduced and planned over the medium to long term.

Trusts can take care of the assets until the beneficiary minors are mature enough to manage their finances wisely. Trusts can be used to protect minors from spending too much money too early, while the trustees can, based on the desire of the settlor, use the money for their education, care and other needs.

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