Trusts

JMU Law Firm advises on trusts (involving money, shareholdings, financial instruments, works of art, etc.), both domestic and foreign.

Below are some of the aspects that are examined and assessed in trust matters:

• the trust deed and settlor’s will,
• the programme to be executed by the trustee (Trustee) for the benefit of the beneficiary and under possible supervision (protector),
• the type of trust best suited to the specific needs (transferable trust, guarantee
• trust, self-declaration trust, etc.),
• the choice of governing law and the relationship between the jurisdictions involved,
• the tax implications of the creation, management and ultimate dissolution of the trust (indirect, direct and local taxes, etc.)
• disputes that may arise both within the trust and in relation to third parties,
• the establishment of domestic trusts as instruments for the implementation of foreign trusts.

The Firm also assists Clients in forms of asset segregation that are very similar to trusts, such as the trusteeship agreement or the destination bond pursuant to Article 2645-ter of the Italian Civil Code, by means of which certain assets of the settling party are used for predetermined purposes worthy of protection (for example, for the protection of elderly infirm persons).

With a trust deed, the settlor (trustee) designates certain assets of his own estate, without any limitation as to their nature, in order to transfer them to a third party (trustee) who must use them for the benefit of one or more beneficiaries and in accordance with a pre-established program.

In the case of a destination restriction, on the other hand, only immovable or movable registered assets can be segregated, which, while remaining the property of the same settlor (although they can be transferred to third parties), remain tied to the pursuit of the interest worthy of protection established in the program, and in any case for a period not exceeding 90 years.