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Trust Law Essay Support- Free Guide From Expert Lawyers
Trust law allows a person to transfer their property, shares, or other valuable assets to someone else. This transfer is legally recognized and managed under trust law to ensure that the rights to those assets are properly handled and protected for the beneficiary. The individual who grants the right is the "settlor," the individual who receives the right is termed the "trustee," and the individual who is assigned the property is called the "beneficiary."
In Anglo-American common law, the entrusted property is the "corpus" or "trust property." By using trusts wisely and legally, individuals can ensure that their children, grandkids, or other designated beneficiaries receive the inheritance they desire.
Trust is the most inventive contribution of the English legal system. Trusts now play an essential role in most common law systems, and their popularity has prompted some civil law nations to include trusts in their civil codes. The trust was introduced into law in Curaçao on January 1, 2012. However, the Curaçao Civil Code permits the creation of express trusts via notarial instruments. In 2009, France introduced a similar device rooted in Roman law, the fiducial; however, unlike a trust, the fiducial functions as a contractual arrangement. While most civil law jurisdictions do not possess the notion of trust, it is commonly used internationally, particularly in countries within the English law sphere of influence.
Trusts are frequently utilized internationally, particularly in countries influenced by English law. While most civil law jurisdictions do not include trust in their legal systems, they recognize it under the Hague Convention on the Law Applicable to Trusts and its Recognition (partly only to the extent that they are parties thereto). The Hague Convention also governs trust conflicts.
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