Subject of the reform. What is it?
This proposal aims to introduce the trust agreement into our legal system as happened in France in 2007.
The contract in question is intended to cover all situations in which a person who holds one or more assets or one or more rights, intending to pledge such property or rights to achieve a purpose in the interest of one or more persons, transfers them to a third party who administers them and achieves the intended purpose.
This is therefore a trilateral relationship involving:
- the settlor: the owner of the property which is to be held in trust to bring an advantage to another person;
- the trustee: the one who has to administer and manage the assets to achieve the objective desired by the settlor;
- the beneficiary: the one who benefits from the operation, taking advantage of the assets or rights.
The proposal allows for various purposes that the settlor can achieve by making this type of contract: the trust can be set up to pursue a business goal and guarantee or a caring purpose or a charitable purpose.
Aim of the reform. What are the benefits?
This type of contract fills a gap in our legal system and permits our country, in which there has been more and more frequent demand for professional services for fiduciary operations, to meet this requirement without resorting to trusts governed by foreign laws.
