Succession Plans Trusts or Fiducias

Extract

[...] In the 1940s courts recognized the existence of roman fiducia. Roman fiducia is a transaction summing up 2 contracts linked with the other, the first opposable against everybody, and the second only between the parties fiduciante and fiduciario. The fiduciario becomes the owner and the fiduciante cannot recover the properties transferred. The second contract cannot be opposable to third parties because it is private without disclosure, so the fiduciario could abuse his power and sell the property to someone who is completely safe decision. [...]

[...] - Fictious interposition of a person: an agreement for transfer of ownership, with an interposed person the real owner will be C. Real interposition is relative to the case of an undisclosed agency, which will make the second transfer. If you don't have a written document as counter declaration in every sham, you won't be able to bring evidence. However, you could try to bring evidence by witness and any kind of proof only in case a third party or creditor makes a claim, or in case the hidden contract is an illegal one. [...]

[...] Succession Plans Trusts or Fiducias I. The financial vehicle ESOP The possibility to set up ESOP is an exception to the principle which prohibits the ability for a company to buy its own shares. It's now possible only within limited circumstances to avoid any kind of financial collusion. Three main inland revenue schemes: - Save-as-you-earn - Profit sharing, are outside of income tax in the UK - Discretionary, are outside UK capital gain tax ESOP is a way to avoid selling shares to a competitor or to a third party which risks disturbing the company. [...]

[...] There is a disposable quota, which role is to preserve the forced HEIRS, then another person designated by the will can only dispose of a part of the legacy. If the testament designs only other persons, the forced heirs should claim this quota otherwise they won't get nothing. In Italy, the third party or normal heirs could receive the inheritance, with all debts, credits, money, assets etc? however in the UK everything run through a court, who appoint someone which is going to recover all credits and pay all debts, it is called probate, where the appointed person is a trustee, called an executor(if there is a will)/administrator(if there isn't). [...]

[...] Even the entrepreneur can pay them when he's alive. III. The other tools A. The types of fiducia 3 kinds of fiducia in Italian legal system: 1)institutional trust 2)interpersonal trust 3)self-reference In credit instruments it is possible to split between the ownership and the authority to exercise lawfully position. In the case of fiduciary there are few rules of law to organize the legal relationship. Ownership in the case of fiduciary, is still in hands of the fiduciante. Two cases of agency, undisclosed and with representation. [...]