부산대학교 도서관

With the rapid development of the economy and the proliferation of high net worth individuals in China, the wealth creation generation is facing the problem of wealth transmission, and family trusts are increasingly favored by high net worth individuals, among which whether the rights of beneficiaries can be effectively protected is the most important concern of family trust creators. As a very mature system in common law, the basic structure of the legal relationship of family trust is a series of rights and obligations between the trustor, the trustee and the beneficiaries of the trust around the family trust property. In terms of the nature of the family trust, the beneficiary is the ultimate recipient of the trust benefits and the owner of the trust purpose, so the beneficiary and its rights are at the core of the family trust relationship. After the trust system was transplanted to China, in order to strengthen the supervision of the trustee, the Chinese legislation maximized the status of the principal, and changed from the common law “beneficiary-centrism” to “principal-centrism”. Although this model played a role in promoting the development of family trusts in the early stages of legislation, the establishment of such interests has increasingly deviated from the purpose of family trusts to protect the rights of beneficiaries. Based on the Trust Law, this paper studies and discusses the current situation and shortcomings of the protection of beneficiaries’ rights in Chinese family trusts in the context of the Trust Law, and examines how they should exercise their rights and fulfill their obligations in order to maximize the protection of beneficiaries’ rights from the perspective of the various stakeholders of family trusts, i.e., the trustees, trustees, beneficiaries, and the supervisors who are only provided for in the public trust. The rights of beneficiaries can be protected to the maximum extent. At the same time, by drawing on the advanced experience of developed countries in protecting the rights of beneficiaries of family trusts, we can coordinate the relationship between beneficiaries of trusts and other parties to family trusts by appropriately limiting the rights of trustees, clarifying the criteria for judging trustees’ duties of fidelity and prudence, relaxing the conditions for beneficiaries to exercise the right of termination, and setting up inspectors for private trusts, so as to effectively establish a mechanism for protecting the rights of beneficiaries of family trusts. This will effectively establish a mechanism for the protection of the rights of family trust beneficiaries, better protect the status and rights of family trust beneficiaries in China, and promote the realization of family trusts in China.