| Abstract [eng] |
This master thesis provides analysis of current regulation of Lithuanian trust law, considering the tendencies of globally spreading Anglo-Saxon trust law. Lithuanian trust law concept however differs from Anglo-Saxonian as it was constructed under the influence of old Lithuanian Soviet Socialistic Republic civil code, therefore the notion of trust in current Lithuanian civil code still lacks the spirit of economic freedom. In this master thesis the genesis of trust institute, its notion and meaning are discussed, as well as the key differences between the Anglo-Saxon and Lithuanian trust. Furthermore, main assumptions of remaking the current Lithuanian trust are identified, proving, that it is possible to create an Anglo-Saxon like trust institute in Lithuania. The author recommends ratifying the Hague convention to recognize trusts founded in other jurisdictions. By analyzing numerous scholars‘ academic works and various regulations in different jurisdictions which are comparable to trust institute the key problems in current Lithuanian legislation are highlighted, such as too narrow compilation of trustee‘s rights or lack of just regulation in taxation matters. Additionally, the problem of duplex dominium is covered with examples from different civil law tradition jurisdictions, acknowledging that this issue is one of the main reasons preventing comfortable integration of Anglo-Saxon trust in civil law tradition countries. Lastly, the author considers that Anglo-Saxon trust offers better family wealth management. Current regulation of Lithuanian trust institute is capable of reaching satisfactory results on privacy of settlor or fulfilling economic interests of beneficiaries after settlor‘s death. Various kinds of Anglo-Saxon trust serve as an example and a goal to achieve as the reached conclusion provides that improving the Lithuanian trust institute is a real, perspective, and necessary objective. |
