Development of the estate planning industry through the introduction of the trust in Hungary

by Ákos  Menyhei Dr. Menyhei Ákos

Parallel with the implementation of the trust in Hungary, the complete legal environment was harmonized to conform to the trust rules. The author explains some of the misunderstandings of the continental law trust. In particular, the article describes the historical background, the beneficiary’s protection with in personal rights, the interpretation of the general trust rules, the asset segregation, the power of appointment, and the beneficiary’s position. The article concludes that the Hungarian trust meets the trust definition provided by the Hague Convention and, moreover, that it is a genuine clone of the Anglo-American trust.

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