Research On The Legal System Of Testamentary Trust Trustee In China

Since the reform and opening up,China’s economy has developed rapidly,the amount of disposable wealth has increased,and a large number of high net worth people have appeared.When considering the safe inheritance of their own property,people are no longer satisfied with the traditional way of inheritance,but more concerned about the appreciation of property,tax avoidance,and the protection of future generations.Comparatively speaking,the testamentary trust system can meet people’s diverse needs for wealth inheritance,and has unparalleled advantages in inheritance methods such as Testament.In addition,it can also realize the inheritance of wealth between generations,and reflect the wishes of the client to a greater extent in inheritance,so as to effectively avoid property disputes.With the trend of population aging in China,Testamentary Trust system has broad application prospects in China.Our current Trust Law focuses on the regulation of the commercial trust,the provisions on the testamentary trust is very little,not the existence of the system to be treated differently.On the other hand,there are also many deficiencies in the provisions of the Act on trust trustees.In the system of testamentary trust,the trustee is an important party in the legal relationship of trust,who undertakes the mission of realizing the will of the client and protecting the interests of the beneficiary,which is related to the healthy development of testamentary trust.In view of the shortcomings of China’s Trust Law in terms of testamentary trust and its trustee,this paper,referring to the relevant advanced legislative experience abroad and combining with China’s national conditions,puts forward that we should clarify the ownership of testamentary trust property,improve the provisions of the trustee’s power of entrustment,refine the provisions of the trustee’s prudent investment obligations,introduce the rules of trustee appointment mode of applying for court appointment,improve the trustee’s responsibility for improper disposal of trust property and add the trustee’s supervision mechanism in order to provide reference for the construction of the trustee system of testamentary trust in China in the future.