Both Czech and Hungarian trusts celebrate their 10th anniversary in 2024. These modern structures were introduced in response to the limitations of earlier succession-planning mechanisms and, together with other legal instruments, provided new tools for wealth management, estate planning and asset protection, which have reshaped the estate-planning environment.
Trust Laws in the Czech Republic and Hungary explores the issues and challenges encountered when introducing common law trust concepts into civil law legal systems. It also reviews the legal and practical aspects of trusts in these two quite different jurisdictions, and the book is divided into two parts which deal separately with Czech and Hungarian solutions.
Authored by well-known experts in this field, chapters cover the basics of the structures, providing a broad overview of key points including:
the legal and regulatory formalities;
trustees: their duties and responsibilities;
beneficiaries;
taxation; and
the practical uses of trusts for estate planning and asset protection.
This title provides the only systematic review of Czech and Hungarian trust laws in English. It is an invaluable reference work to help lawyers and other private client advisers structure their clients' wealth. Additionally, professional trustees involved in the administration of Czech and Hungarian trusts, as well as accountants and tax advisers dealing with the tax treatment of trusts in the CEE region, will find this to be an indispensable guide.
The excursions of the trust 5
Paolo Panico
STEP Europe
Part I: Trust laws in the Czech Republic
Introduction 19
James Turnbull
Uplift
The law: peculiarities and adaptations 25
James Turnbull
Uplift
Formalities and documentation: statute, contract, changes 29
Bohumil Havel
Charles University; PRK Partners
Vlastimil Pihera
Kociįn olc Balatķk
How trusts are used in the Czech Republic 41
Helena Svįrovskį
J&T Family Office
Individual vs corporate trustees in the Czech Republic 55
Michaela Drakovį
Petr Latovka
EMUN
Duties and responsibilities of trustees 71
Petr Jakubec
ROSE Legal s.r.o., advokįtnķ kancelį
Beneficiaries rights to performance, information and supervision 91
David Neveselż
Jiķ Pokornż
Havel & Partners
UBO Register and Register of Trusts 109
Daniela Gadasovį
CEEtax
Taxation of trusts 121
Ivan Kovį
BDO Czech Republic
Czech family foundations: an alternative to trusts 139
tpįn Holub
Holubovį advokįti s.r.o.
Part II: Trust laws in Hungary
History, implementation, peculiarities and adaptations 149
Istvįn Sįndor
Kelemen, Mészįros, Sįndor and Partners
Settlors, formalities and documents: contract, unilateral declaration,
testament, changes 165
Istvįn Sįndor
Kelemen, Mészįros, Sįndor and Partners
How trusts are used in Hungary 183
Įkos Menyhei
Primus Wealth; Aliant-MenyheiMolnįr-B. Szabó Law Firm
Professional trustees 201
Istvįn Illés
APELSO Trust
Ad hoc trustees 225
Sįra Sesztįk
Sesztįk Ügyvédi Iroda
Beneficiaries and protectors 239
Gįbor B Szabó
Aliant-Menyhei-Molnįr-B. Szabó Law Firm
Register of Trusts and UBO Register 265
Įkos Menyhei
Primus Wealth; Aliant-MenyheiMolnįr-B. Szabó Law Firm
Taxation of trusts 277
Csaba Magyar
Crystal Worldwide Law Firm
Private asset management (family) foundations an alternative 287
Įkos Menyhei
Primus Wealth; Aliant-MenyheiMolnįr-B. Szabó Law Firm
Appendix I: Translation of the Czech Civil Code 299
Appendix II: Translation of 2019 Act on Asset Management Foundations 307
About the authors 315
About Globe Law and Business 323
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