Trust agreement
Introduction
A trust or trust (from the Latin fideicommissum, derived from fides = faith and commissum = trust), also known as trust fund, is a contract by which one or more people (trustors or trustors) transfer assets, rights or sums of money, present or future, to another person (trustee), who manages or invests them for their own benefit or that of a third party. called beneficiary.
The ownership of the assets is subject to compliance with a term or condition established in the contract, and the trustee must comply with that purpose. Once the trust is perfected, none of the parties retains full ownership of the property, which is considered separate from the personal assets of the parties involved.
History of the trust
The origin of the modern trust is found in the fiducia or fidecommissum of Roman Law, an institution created within the framework of inheritance law and under the protection of a key piece of the model, the relationship of trust. Thus, the trustor entrusted the trustee with the delivery of a specific hereditary patrimony to a person, that is, to the trustee. To establish a trust there was, in principle, no formal requirement: the trustor's will and the trustee's acceptance were sufficient. If the relationship of trust was broken, the trustor could revoke the trust at any time. As a drawback, if the trustee misused the patrimony, It was very difficult for the parties to claim. With the arrival of the Empire, an attempt was made to solve this last problem by creating a special jurisdiction of trustee praetors in charge of ensuring the precise fulfillment of the will of the trustors. Over time, the figure of the trust declined and was practically assimilated to the legacies "Legacy (Legacy)"), although the trusts remained unrelated to the will, while the legacy had to be recorded in it.
How and what is the trust for?
The trust serves as a legal framework and support for the allocation of economic benefits derived from the ownership of certain assets, in accordance with the will of its owner and with future effects. It is a way of disposing of property that "links" the assets to a specific destination, in the interests of persons other than the one who receives the property.