Trust Funds (Trusts)
Our law office also provides legal services and assistance to clients when considering a creation of a trust fund, upon its creation, or, as the case may be, during its administration. Trust funds were incorporated in the new Civil Code, Act No. 89/2012 Coll., in particular inspired by the Canadian law, and considerably reflect the Canadian legal system which has been developing for decades. Our law office has access to the vast foreign literature, including case-law, which enable us to assess all aspects of administration of trust fund and to choose the most suitable type of trust fund which will reflect the needs of our clients.
Trust funds are, in general, recommended where:
- mutual relations between heirs cannot be successfully tackled by the laws of succession,
- assets of founder or beneficiary should be protected against possible future negative consequences of business activities,
- assets of founders should serve to guarantee the well-being of offspring without full legal capacity or unable to lead an independent life, as well as in many other cases.
Our goal is to guarantee the administration of trust fund in order to protect the trust fund against possible abuse of power by its administrator, insufficient administration of assets, high-risk nature of future contributions to trust fund, etc.
Our law office also provides qualified consultations concerning fiscal aspects of administration of trust fund in the light of trust funds (trusts) created abroad.