HEREDITARY FUND - NEW CATEGORY IN THE CIVIL LEGISLATION OF THE RUSSIAN FEDERATION

Abstract

New category in the Russian civil law (hereditary fund) is described in the article. Hereditary fund represents Russian analog of widespread institute of trust in Europe. Norms regulating activity of hereditary funds will be active from 09.01.2018. Hereditary fund is created by the Civil Code of the Russian Federation to will citizen. On the basis of his property the fund which is carrying out activities for property management receives inheritance. It can be termless or during a certain term. Only one person can create hereditary fund. Hereditary fund is created after the death of the citizen according to his will. To create hereditary fund it is necessary to have the will of the citizen which contains decision on hereditary fund creation. It is also necessary to have fund charter and fund management. The application for hereditary fund creation is submitted by the notary within 3 days from the moment of hereditary opening. As legal entity hereditary fund has isolated property which is formed by provided law. The property from fund is transferred to persons who are named in the decision on hereditary fund establishment or separate categories from an uncertain circle of people defined according to fund charter. The structure of hereditary fund bodies or an order of their formation is also defined by the testator. Despite introduction of a new design to the Russian civil law there are reasonable doubts whether hereditary funds will become popular in Russia or not. It is connected with a number of gaps which are in adopted law.