Wealth Trust and Family Trust
In Common Law countries (USA first of all), the Patrimonial Trust and the Family Trust, unlike in Italy where these instruments have been talked about only after the crisis, are a legal institution that has been applied for over five centuries . These tools replace the typical legal system of Succession and Donations.
The Patrimonial Trust and Family Trust (literal translation "trust"; the conceptual translation would be "I entrust" meaning custody of movable / immovable property) is an institution of the Anglo-Saxon common law legal system, arising within the jurisdiction of equity, which serves to regulate a multiplicity of juridical relationships of a patrimonial nature (isolation and protection of assets, controlled asset management and in matters of succession, pension, corporate and tax law).
Technically, the Trust (Wealth Trust and Family Trust) is a legal relationship, by virtue of which the Settlor entrusts assets to another person, physical or legal (the Trustee), so that he uses them, according to the rules predetermined by the Appointed in the trust act, in favor of one or more beneficiaries, or to achieve a certain purpose.
The Trustee cannot dispose or manage the goods entrusted to him differently from what is described in the DECLARATION OF TRUST.
The Settlor can appoint himself or another person as Guardian of the Trust; he has powers of control over the work of the Trustee, who is obliged to render the account of the activity performed. By establishing a Trust, the Settlor not only transfers an asset to the Trustee by indicating how it should be used and but obtains a protective effect of the asset.
TLRT International Law Firm: the Patrimonial Trust and the family Trust in the USA and in Italy
The TLRT International Law Firm follows the Client in cases where it wants to protect its movable and immovable property through a Trust. Our international service includes:
- Drafting of the Trust + Translation Operational Agreement in Italian / English
- Certification Available (Trustee) + Translation in Italian / English
- Certification (Trustee) + Translation in Italian / English
- Beneficiary Certification (Beneficiary) + Translation into Italian
- Drafting of the Share Capital Subscription act with certified translations
- Drafting of the Trust Statement and its translation
The International Law Firm with its lawyers in New York, Miami, San Francisco, Los Angeles and Rome deals with various forms of trust among which we list the most important.
The protection offered by a Trust concerns future and uncertain events, of a personal or patrimonial nature, to the occurrence of which a subject fears that some of his assets can be learned and diverted from the destination he wanted.
Any Trust offers asset protection, since the assets conferred in Trusts are no longer in the legal sphere of the Receiving subject, but are segregated in the assets of the Trustee; in the asset protection trusts this effect is more evident.
- control of an industrial group;
- management of trade union agreements;
- management of joint investment operations in a company;
- provision of guarantees for creditors;
- alienation of goods weighed down;
- collection of receivables and their distribution.