Significance
The trust is widely considered to be the most innovative contribution to the English legal system. Today, trusts play a significant role in most common law systems, and their success has led some civil law jurisdictions to incorporate trusts into their civil codes. Curaçao for example has introduced a trust in its Civil Code from 1 January 2012, which does only allow express trusts, constituted by a Notarial deed. France has recently added a similar, though not quite comparable, notion to its own law with la fiducie, which was modified in 2009; la fiducie, unlike the trust, is a contract. Trusts are widely used internationally, especially in countries within the English law sphere of influence, and whilst most civil law jurisdictions do not generally contain the concept of a trust within their legal systems, they do recognise the concept under the Hague Convention on the Law Applicable to Trusts and on their Recognition (partly only the extent that they are parties thereto). The Hague Convention also regulates conflict of trusts.
Although trusts are often associated with intrafamily wealth transfers, they have become very important in American capital markets, particularly through pension funds (essentially always trusts) and mutual funds (often trusts).
Read more about this topic: Trust Law
Famous quotes containing the word significance:
“It is necessary not to be Christian to appreciate the beauty and significance of the life of Christ.”
—Henry David Thoreau (1817–1862)
“The hypothesis I wish to advance is that ... the language of morality is in ... grave disorder.... What we possess, if this is true, are the fragments of a conceptual scheme, parts of which now lack those contexts from which their significance derived. We possess indeed simulacra of morality, we continue to use many of the key expressions. But we have—very largely if not entirely—lost our comprehension, both theoretical and practical, of morality.”
—Alasdair Chalmers MacIntyre (b. 1929)