Trust law concerns the creation and protection of asset funds, which are usually held by one party for another’s benefit.
The trust in Italy was introduced with the Law of 16 October 1989, n. 364, concerning the ratification and execution of the convention on the law applicable to trusts and their recognition, adopted by The Hague on 1 July 1985.
The trust constitute separate assets, they are not owned by the trustee, the settlor or the beneficiary.
The object of the trust can be real estate, movable assets, credits, etc. The constituent of the trust can reserve some prerogatives and the trustee can be recognized some rights as beneficiary.
The trustee has the power and duty to administer or dispose of the assets in accordance with the articles of association or the law. The trustee can be a third party or even the settlor himself, who binds some of his assets into trust.
In addition to the trustee, another person can be appointed, the protector, who carries out control and substitute functions for the trustee.
Miotti Law Firm offers advice in setting up the trust, in Italy and abroad.