Trusts. Доверительное управление имуществом

РЕФЕРАТ

Деловые переговоры на иностранном языке в профессиональной деятельности

НА ТЕМУ Trusts

2019 г.

The list of contents

Introduction        3

The essence of trust management of property, the subject of the contract and an essential term of the contract        4

The parties and the object of the contract        7

Conclusion        9

Reference list        11

Introduction

Nowadays one of a new phenomenon for Russian legislation are trusts. However, the practice of economic relations, based on the current Civil code of the Russian Federation, shows that with the development of business relations, this institution of the law of obligations will expand.

This conclusion is explained by the fact that the need for such contracts exists constantly: not every owner is able to effectively manage their property. In addition, inexperience in commercial matters or the desire to benefit someone can also cause the conclusion of a contract of trust management of property.

The relevance of the topic is due to the importance of property management practices in Russia at this stage. According to the idea of the legislator, the contract of trust management should contribute to the creation of a different property management system, built not on the basis of administrative and command, but on a professional, commercial basis.

Besides the role of trust management is also relevant in the sense that it is intended to form a new layer of managers - entrepreneurs, specialists in the field of market economy. Asset management is a legal form of mediation of long-term investment in the real sector of the economy. There is the potential of a new type of commercial elite In Russia, and this elite has possessing knowledge in the field of financial management, able to make a profit regardless of the specific nature of capital.

The purpose of the work is to consider the legal regulation of trust management.

In accordance with the purpose of this work:

• to consider the subject of the contract of trust management of property;
• to study the parties and the object of the contract of trust management of property.

The object of research in this research is trust and the subject of the research is characteristics of trust management.

The essence of trust management of property, the subject of the contract and an essential term of the contract

A trust is a fiduciary relationship in which one party, known as a trustor, gives another party, the trustee, the right to hold title to property or assets for the benefit of a third party, the beneficiary.

Trusts are established to provide legal protection for the trustor’s assets, to make sure those assets are distributed according to the wishes of the trustor, and to save time, reduce paperwork and, in some cases, avoid or reduce inheritance or estate taxes. In finance, a trust can also be a type of closed-end fund built as a public limited company.

Trusts are created by settlors (an individual along with his or her lawyer) who decide how to transfer parts or all of their assets to trustees. These trustees hold on to the assets for the beneficiaries of the trust. The rules of a trust depend on the terms on which it was built. In some areas, it is possible for older beneficiaries to become trustees. For example, in some jurisdictions, the grantor can be a lifetime beneficiary and a trustee at the same time [11, p. 24].

A trust can be used to determine how a person’s money should be managed and distributed while that person is alive, or after their death. A trust helps avoid taxes and probate. It can protect assets from creditors, and it can dictate the terms of an inheritance for beneficiaries. The disadvantages of trusts are that they require time and money to create, and they cannot be easily revoked.

A trust is one way to provide for a beneficiary who is underage or has a mental disability that may impair his ability to manage finances. Once the beneficiary is deemed capable of managing his assets, he will receive possession of the trust [8, p. 102].

Trusts are new institute of contract law of Russia. Nowadays trusts are enshrined in the Chapter 53 of the Russian Civil Code [1].

This agreement differs from the institution of trust property (trust in the Anglo-American legal system) in that the establishment of trust property the real owner loses ownership, which arises from the Trustee.

At the same time, the latter becomes only a nominal, not a real owner, which generates a number of contradictions and problems. The trust is characterized by the «coexistence» of two or more different ownership rights to the same object (in this case, the owner and the Trustee), which contradicts paragraph 4 of article 209 of the Russian Civil Code and paragraph 1 of article 1012 of the Russian Civil Code, according to which the transfer of property in trust management does not entail the transfer of ownership [3, p. 203].

Between the parties on the basis of Art. 1012 of the Russian Civil Code there are only binding relations, and on this premise is built the whole Chapter 53 of the Russian Civil Code on trust management.

The analyzed relations cannot be considered as representation on the basis of the contract of assignment, since the Trustee acts on its own behalf.

The contract of trust management differs also from the agreement of the Commission. Although the Trustee is, like the Commissioner, acting in his name, circle of rights and duties is much broader than of a broker. He has the right in accordance with the trust management agreement to carry out any legal and actual actions in respect of the received property (paragraph 2 of article 1012 of the civil code) [7, p. 361].

Thus, despite some similarity to contracts of the order, Commission and Agency, the trust management agreement is not included into group of agreements on rendering of legal services, and represents an independent kind of the civil-law agreement generating the obligations on rendering of services.

Under the contract of trust management of property one party (the founder of management) transfers to other party (the Trustee) for a certain term property in trust management, and other party – the Trustee – undertakes to perform management of this property in interests of the founder of management or the person specified by it – the beneficiary (item 1 of Art. 1012 of the Russian civil code) [12, p. 267].