Hague Convention on the Law Applicable to Trusts and on their Recognition
From Wikipedia, the free encyclopedia
The Hague Convention of the Law Applicable to Trusts and on their Recognition was signed on 1 July 1985 but came into force on 1 January 1992.
[edit] Summary of main provisions
The Convention seeks to harmonise the Private International laws of its signatories relating to trusts. The key provisions of the Convention are:
- each signatory recognises the existence and validity of trusts. However, the Convention only relates to trusts with a written trust instrument. It would not apply trusts which arise (usually in common law jurisdictions) without a written trust instrument.
- the Convention sets out the characteristics of a trust (even jurisdictions with considerable legal history relating to trusts find this difficult)
- the Convention sets out clear rules for determining the governing law of trusts with a cross border element.
