It can be said that each trust is a tailored suit, the packaging of which depends on the particular circumstances and the wishes and needs of the individual Settlor.
The trust is an institute of Anglo-Saxon origin now widespread across the world.
Thanks to the "Hague Convention on the law applicable to the trust" of the day on July 1, 1985, ratified by the Italian Republic by Law No. 364 of 16 October 1989, entered into force on 1 January 1992, our country not only recognizes the legitimacy of trusts established abroad, but allows the establishment in Italy, even if all items (in particular subjects and goods) are Italians.
By means of the trust a person, said Settlor, entrusts and transfers in ownership to another person of his choice, said Trustee, one or more goods, so that the Trustee will take control and manage them for the purposes set by the Settlor and in ' interest of one or more beneficiaries.
In trust for beneficiaries, Came To the final end of its life, the assets constituting the assets of the trust (the trust fund) are assigned to certain subjects.
A very important role plays the purpose of the trust: the cause that sustains the shop must be lawful and worthy of protection, as to ensure the achievement of the same legal system provides a dramatic effect, namely SEGREGATION.
This term means that the trust assets are separate from the remaining assets of the Trustee. They are owned by him but not mingle with others his own property because the property of the Trustee is special: it is emptied of all the utilities that the property can provide to the owner and it is ultimately the implementation of the program established by the Settlor. The Trustee may not personally benefit from being the owner of the trust property, can not do its fruits, nor enjoy the same goods, it is obliged only to use (manage them, sell them, invert, etc.) In the interest of the Beneficiaries.
Segregation means that in case of death of the Trustee of the trust property are outside his inheritance, but continue to be governed by the provisions of the trust act, passing in properties of the next Trustee.
In conclusion, the situation of the trust property is as follows:
They are no longer the Settlor that it is stripped by placing them under the control of the Trustee, leaving the scene;
They are separated from the remaining assets of the Trustee, as discussed above;
Beneficiaries are not yet that will come only after the Trust.