Comparative law trust tools to protect familial patrimony

Extract

[...] Leasehold comes from commerce, where you need ownership only for a certain period of time, thus you chose to use the land of someone else under a contract. As owner of a property, you could create interest in succession. II. Patrimony protection and covering by Trusts A. Description of an Italian Trust The best way to protect to part of patrimony that we transfer to someone in order to run it, is to separate the personal patrimony of this person from the trust patrimony. Then he'll be liable if something happens to your patrimony with all his personal one. [...]

[...] Forum shipping is the fact to choose another law system than the one used in your country when performing a contract in private law. About trust, it will change all the rules about validity of the trust, its construction, its effects and its administration through time. However, any trust set in Italy under another set of rules of law, has to comply with Italian civil law too, otherwise it would be considered as void. The entire validity of express trust remains at the legal disposition of the law which has been chosen. [...]

[...] However, only express trust is automatically recognized. To set up a trust you make a declaration of obligations bindings over someone, the trustee, about a specific property, thus you must declare it over the property itself, you are obliged to disclose the existence of the property to ensure that the trust is legally binding. It's possible to make a self-declaration of trust, which means that I am the trustee, and I declare that I'll have obligation on behalf of the actual owner of the property. [...]

[...] When there is a breach of contract you could ask for termination, specific performance, and damages eventually. However, in front of a court in England for example you could ask the other party to pay you, then it won't be bound by the contract anymore. B. Particularity of Equity intervention Equity covers most specific performance cases. Debtors' liability, the debtor must fulfill his obligations, with all his present and future assets. Thus, if the debtor doesn't pay the public force is able to take it, freeze his accounts, confiscate its property etc . [...]

[...] Comparative law trust tools to protect familial patrimony I. International comparison - English and Italian system law - When there is an issue about finding out which national law has to be applied, the civil code identifies depending on who is the competent court, and which law will be applied. Comparative law aims to have knowledge and discover new models and methods to solve some subject matters in other states. A. Description of the systems In the English law system, there is a difference between common law and equity: Equity supplements and complements the common law by providing additional remedies and principles when the common law falls short. [...]