Estate Planning

Trust Law and Zebra Mussels

By Hull & Hull LLP

In the wee hours of Saturday night, on my umpteenth flight back from Asia this year, I couldn't help but ponder two things.  First, the recent collapse of the U.S./global financial system and greater economy compares poorly to what I have witnessed in Asia for years now.  But we still have the relative advantage of trust law to keep us prosperous, right?  Perhaps, but so does everyone else, or they're trying to develop it.  At least in theory, just about every major Asian jurisdiction purports to have some legal structure supporting the creation, operation and regulation of trusts.

Australian trust law is unsurprisingly advanced, being a fully English-speaking (sort of, anyway) Common Law jurisdiction.  The great former British colony and global trading port of Hong Kong boasts a highly-developed trust law framework based on the Common Law.   This legal system has been wisely preserved by the PRC, and is in the process of a major overhaul.  Mainland China itself has recognized the utility of trusts and passed its first trust statute.  Another former British colony, Singapore, sports a highly-developed trust law with a judiciary that pragmatically relies on Common Law developments from all jurisdictions to keep with the times.  Japan is characteristically inscrutable, but apparently recently revised its trust legislation.

Of course, it is probably incorrect to equate the mere presence of a legal structure with its widespread use.  Nevertheless, trust law is spreading, at least superficially, faster than zebra mussels.

The second thought in my mind was that a 14-hour flight, followed by 5 days of jet-lagged, dazed "vacation" on 12-hour time change, followed by a return flight just as jet lag from the away flight has worn off, followed by more jet lag from a 12-hour reverse, is not something that will be repeated any time soon.

Thanks,

Chris

Full post as published by Toronto Estate Law Blog on November 12, 2008 (boomark / email).