Recognition of hereditary trusts in countries of the continental system of law

Introduction: the article is devoted to the analysis of the experience of recognition of hereditary trusts in countries of the continental system of law. The issue ofproperty management and its transfer to heirs has always been topical both in theory and practice. In the modern society, characterized by growing complexity of economic relations, it is easy to imagine a situation in which institutions existing in one legal system do not coincide with those adopted in another legal system and at the same time are used by its subjects. This phenomenon characterizes the Anglo-American trust, which is becoming increasingly popular in countries with the continental system of law. Purpose: to analyze the use of trust as a mechanism of transfer of assets by inheritance, to consider the approaches of a number of countries belonging to the continental system of law to the recognition of hereditary trusts and their legal effects and also to explore the practice of establishing trusts. Methods: general scientific methods of analysis and synthesis, as well as methods specific to legal science, including historical and comparative methods, are used. Results: being an institute of the common law system, trust can be used by subjects of the continental system of law for different purposes, including the disposition of inheritance estate. Conclusions: prior to adoption of the Hague Convention on Trusts, courts of the continental law countries had tried to assimilate this institution with well-known legal structures, mainly, the contract. After the Hague Convention on Trusts came into force, the number ofparticipants gradually increased, and courts of the member states of the Convention no longer needed to look for analogues of trusts in their domestic law. Due to the flexibility and advantages of the institution of trust, there is no doubt that its further use either by subjects of countries belonging to the continental system of law or in regard to property in these countries is in demand. Hopefully, the Russian legislator will not remain apart from the trends of the trust recognition and will adjust the private international law of the Russian Federation by rules which would regulate the status and legal effects of the trust as an institution of the common law system.