In Italian trust law, a

trust Trust often refers to: * Trust (social science), confidence in or dependence on a person or quality It may also refer to: Business and law * Trust law, a body of law under which one person holds property for the benefit of another * Trust (bus ...

is a particular juridical instrument by which a settler (''disponente'') can transfer a

property Property is a system of rights that gives people legal control of valuable things, and also refers to the valuable things themselves. Depending on the nature of the property, an owner of property may have the right to consume, alter, share, r ...

( movable or immovable property) to a

trustee Trustee (or the holding of a trusteeship) is a legal term which, in its broadest sense, is a synonym for anyone in a position of trust and so can refer to any individual who holds property, authority, or a position of trust or responsibility to t ...

, who has to exercise and manage this right for a

beneficiary A beneficiary (also, in trust law, '' cestui que use'') in the broadest sense is a natural person or other legal entity who receives money or other benefits from a benefactor. For example, the beneficiary of a life insurance policy is the person ...

(to whom the full property will be transferred with the termination of the trust) who has the " equitable right". In civil law systems, the beneficiary’s right is not a "diritto reale" but a "personal right" towards the "trustee". If it is not foreseen by the constitutive

contract A contract is a legally enforceable agreement between two or more parties that creates, defines, and governs mutual rights and obligations between them. A contract typically involves the transfer of goods, services, money, or a promise to tran ...

, the property assets cannot be alienated by either the trustee or the beneficiary. Trust property cannot be foreclosed by the personal

creditor A creditor or lender is a party (e.g., person, organization, company, or government) that has a claim on the services of a second party. It is a person or institution to whom money is owed. The first party, in general, has provided some property ...

s of the trustee, the beneficiary, or their

heir Inheritance is the practice of receiving private property, titles, debts, entitlements, privileges, rights, and obligations upon the death of an individual. The rules of inheritance differ among societies and have changed over time. Officiall ...

Current situation

Italy Italy ( it, Italia ), officially the Italian Republic, ) or the Republic of Italy, is a country in Southern Europe. It is located in the middle of the Mediterranean Sea, and its territory largely coincides with the homonymous geographical re ...

, trusts can be used thanks to the adoption of the Hague Convention (1 July 1985), effective from 1 January 1992. The "trust interno" is a domestic trust, but refers to a foreign regulation because as of August 2010 Italy does not have a complete and organic internal regulation on trust. Trusts can be used for various aims: administration, transfer of family business assets, transfer of goods for charity purposes, protection of patrimony, etc. The main advantages are the flexibility of its use and its economic convenience compared to Italian traditional juridical instruments. Nevertheless, they have not enjoyed widespread usage in Italy, mainly because of the scarce knowledge of their functioning.

Proposed legislation

Italy has proposed its own regulation on trust (''fiducia''). The

Italian government The government of Italy is in the form of a democratic republic, and was established by a constitution in 1948. It consists of legislative, executive, and judicial subdivisions, as well as a Head of State, or President. The Italian Constitutio ...

has been tasked by the Community Law 2010 (bill/ legge comunitaria) with adopting a specific regulation on trusts within the Italian juridical system (title II art. 11). The "disegno di legge n. 2284/2010" (bill n. 2284/2010), an unexamined bill presented by the

Ministry of Justice A Ministry of Justice is a common type of government department that serves as a justice ministry. Lists of current ministries of justice Named "Ministry" * Ministry of Justice (Abkhazia) * Ministry of Justice (Afghanistan) * Ministry of Just ...

in July 2010, charges the Government with modifying the

civil code A civil code is a codification of private law relating to property, family, and obligations. A jurisdiction that has a civil code generally also has a code of civil procedure. In some jurisdictions with a civil code, a number of the core ar ...

as concerns trusts and that particular form of security contract. The proposed Italian regulation on trusts is inspired by the French ''fiducie'', which encompassed (by

ordinance Ordinance may refer to: Law * Ordinance (Belgium), a law adopted by the Brussels Parliament or the Common Community Commission * Ordinance (India), a temporary law promulgated by the President of India on recommendation of the Union Cabinet * ...

nº 2009-112 2009) individuals and

corporation A corporation is an organization—usually a group of people or a company—authorized by the state to act as a single entity (a legal entity recognized by private and public law "born out of statute"; a legal person in legal context) and r ...

s excluded from the payment of

corporate taxes A corporate tax, also called corporation tax or company tax, is a direct tax imposed on the income or capital of corporations or analogous legal entities. Many countries impose such taxes at the national level, and a similar tax may be imposed at ...

; the capacity to constitute a trust; and permission for attorneys to become trustees.Emanuele Calò – Antonio Cappiello (2010), "La legge francese sulla fiducie (trust): prospettive e possibilita` per una legge italiana", Famiglia, Persone e Successioni FPS 2010 n. 6, UTET Giuridica

In specific jurisdictions

Argentinian Argentines (mistakenly translated Argentineans in the past; in Spanish (masculine) or ( feminine)) are people identified with the country of Argentina. This connection may be residential, legal, historical or cultural. For most Argentines, ...

law number 24.441 of 1994. *

Australian trust law Australian trust law is the Trust law, law of trusts as it is applied in Law of Australia, Australia. It is derived from, and largely continues to follow English trust law, as modified by state and federal legislation. A number of unique feature ...

* Henson trust * Trust law in Civil law jurisdictions * Trust law in England and Wales
Trust Law of the People's Republic of China
*

United States trust law United States trust law is the body of law regulating the legal instrument for holding wealth known as a trust. Most law regulating the creation and administration of trusts in the United States is now statutory at the state level. In August 2004 ...

Waqf A waqf ( ar, وَقْف; ), also known as hubous () or '' mortmain'' property is an inalienable charitable endowment under Islamic law. It typically involves donating a building, plot of land or other assets for Muslim religious or charitabl ...

References

{{Law Common law Wills and trusts

Current situation

Proposed legislation

In specific jurisdictions

See also

References