Contract by which material goods are transferred to another person and subject to certain conditions
At the request of the Law, it is known as a Trust or Trust, that testamentary disposition through which an inheritance is entrusted to an individual to manage it according to the provisions that are indicated next to it..
The Trust manifests itself through a contract or agreement and it will be thanks to him that the settlor will be able transfer assets, cash values, rights of today and tomorrow and that turn out to be their property, to another individual, referred to in this relationship as trustee, who will then be in charge of managing or investing the assets in question, either for their own benefit or that of a third party, known as a trustee, once a stipulated term has expired or the fulfillment of a timely determined condition.
Items participating in the trust
From the aforementioned, then, it follows that the Trust is a contract that consists of four elements: the trustor (who decides to transfer the assets to another party, of which, by the way, should have full authority over them); trust (The one who receives the aforementioned goods and whose main and first obligation is to administer them prudently and diligently, that is, even if they are not his own property, he administers them as if they were, acting then in accordance with the trust that has been established. deposited in him. The Trustee can be embodied by both a natural person and a legal entity); beneficiary (It is that individual in favor of whom the trust has been opened without being the final recipient of the assets in question. The beneficiary can be either one or more natural and legal persons); and the trustee (It is the final recipient of the assets, regularly the beneficiary and the trustee are the same person, although it may also be that they are not the same person, it may be embodied by a third party or by a settlor).
Terms and objectives of the trust
A trust can be established through a contract or a will. Meanwhile, the term or the condition stipulated to the trust domain may not exceed 30 years, except that the beneficiary of the trust was an incapable person, that is, who suffers from a disability and in this case then the trust may last until the death of this person or until their disability ceases.
The main mission of the trust is the allocation of certain economic benefits that come from assets that are available and according to the decision of the owner thereof, and with a vision and effect towards the future, that is, the trust allows those benefits and the goods are available to someone.
An important issue to point out regarding this contract and that directly affects your choice when especially what you want is to protect someone's assets is that those assets that are the object of trust will not be affected by any persecution or lawsuit that may be initiated by a creditor. of the settlor or trustee. Even bankruptcy cannot work against you.
Origin of the concept
The origin of the concept is found in the trust (a type of contract in Roman law), a legal figure that is created at the request of succession law and that was based on trust between the parties involved. Thus, an individual entrusted the trustee with an estate for another person to receive.
In as much and as it has happened with other concepts, it underwent an enrichment and assumed different modalities. For example, the trust plays a very significant role in almost all systems of Anglo-Saxon law.
Financial trust
On the other hand, in the field of finance, we can find the financial trust, a special kind of trust in which the trustee turns out to be a company or a financial entity that is authorized to act in that plane by the National Securities Commission that corresponds. Meanwhile, the beneficiaries will be those holders of certificates of participation in the trust or some title representing debt that are guaranteed with the transferred assets.
Territories without government and that the UN assigns to some state for the tutele
On the other hand, It is also designated with the term of trust, the situation experienced by those territories without their own government that the United Nations Organization places under the tutelage and administration of a state.
