THE TRUST

Much has been said and written on the subject of trust, but for many this legal institution is still seen as a stranger.

After an initial enthusiasm for this institution, today its use is much more reduced for various practical reasons.

This doesn't mean that it can't still have profiles of great use in the solution of concrete problems, which requires, at least, the understanding of its basic elements.

The trust has been introduced into our judicial system by the Law of 16 October 1989 n. 364 ratification of The Hague Convention of 1 July 1985) and it is a legal relationship created by a person -possibly through a testament- through which certain goods of a person, called "settlor", are placed under the "control" of a trustee, for the benefit of a benificiary or for a specific purpose (Article 2 of the Convention).

As a result of the stipulation of the trust, the trustee is obliged to administer the trust property in accordance with the program established by the settlor.

The main effect of the trust is the segregation of the goods in the trustee's assets in which they are transferred: this creates a real separate assets, which could also formally remain in the ownership of the settlor,  due to the fact that it is now admitted the so-called self-declared trust.

Many are the facets and the complexity of the trust and, above all, many are the practical applications that make it useful also for inheritances, for example.

Our Office is able to provide clear and concrete explanations and to advise you according to your real needs.