Abstract From 1 October 2026, the Swiss TJPG establishes a central, non-public federal register of beneficial owners—but no trust register. Trustees domiciled in Switzerland, or administering trusts in or from Switzerland, must instead identify, verify, document, update and retain beneficial ownership information, including a map of the trust’s financial intermediaries and advisers; they file nothing. Regulated trustees are excepted. This article analyses the regime’s architecture, its scope, the position of trusts holding Swiss companies, and the apparent absence of a criminal sanction, and contrasts Switzerland’s hold-and-produce model with United Kingdom and European Union disclosure and with Asian controller-holding regimes.
Abstract The administrative unworkability of a trust is a concept that is more often considered by undergraduate law students than by the courts. Although its existence is well known, the confines of the doctrine and the consequences of its application are not entirely clear. In Jennings v Appleby, the fact that the class of discretionary beneficiaries had potentially grown to more than one million gave the court a rare opportunity to revisit some of these issues.
Abstract This article examines the Waqf (Amendment) Act, 2025, which shifts India’s legal framework for Islamic endowments by shifting from traditional jurisprudence to a state-controlled system focused on digital and documentary titles. It explores constitutional tensions between secular state actions and minority rights under Articles 14, 25, and 26. Key aspects include the abolition of the Waqf doctrine by User and increased district magistrate authority over title disputes. Using data from the United Waqf Management, Empowerment, Efficiency and Development portal registration campaign and property cancellations in Uttar Pradesh, as well as judicial decisions monitored through mid-2026, the study evaluates whether the law enhances transparency or risks unconstitutional rights violations.
Abstract The constructive trust framework governing cohabitation property disputes in England and Wales is structurally ill-equipped to address domestic abuse. Its reliance on inferred intention and financial contribution means that coercive and economic abuse can undermine the evidential foundations of beneficial ownership. Drawing on statutory developments and comparative insights from Australia, this article contends that the current approach in England and Wales risks entrenching inequality. It concludes that a reconceptualisation of beneficial interests is necessary if the law is to respond coherently to the realities of relationships characterised by coercion and control.
This article provides a comparative analysis of Hungarian trusts and asset management foundations as legal instruments for long-term asset structuring and wealth management. It examines their historical foundations, legal nature, governance structures, and tax treatment, with particular emphasis on personal income tax, corporate income tax, and accounting rules. While the two institutions pursue similar functional objectives, they differ significantly in terms of flexibility, duration, governance, and cost. The article concludes with a practical assessment of their typical use cases, highlighting the considerations that guide the choice between trusts and asset management foundations.
This article explores estate planning for Asian high-net-worth and ultra-high-net-worth families through private trusts and foundations, examines their rationale, legal frameworks, compares their structural characteristics and considers their evolving future in light of regulatory transparency and sustainability trends. With Asia experiencing unprecedented intergenerational wealth transfer and a demand in modern wealth planning options, these structures provide continuity, clarity, flexibility, governance, asset protection, confidentiality, cross-border recognition and tax efficiency across diverse jurisdictions. Jurisdictions such as Labuan, Hong Kong, and Singapore are highlighted in this article for their robust frameworks in private foundations and trusts in Asia.
Abstract This article examines the development of fiduciary administration in Czech law more than a decade after the recodification of private law. Building on the authors’ earlier work on the doctrinal foundations of Czech trusts and private foundations, the analysis shifts from questions of institutional acceptance to issues of governance and professionalisation. The article argues that Czech private law possesses internal doctrinal tools—most notably the standards of due managerial care and professional care—capable of accommodating the increasing professionalisation of fiduciary activity without immediate regulatory intervention. Drawing on comparative perspectives from Quebec and Liechtenstein, and engaging with emerging Czech scholarship, the authors suggest that the choice between endurance and intervention is ultimately a question of risk allocation. The article concludes that the pace of doctrinal development, rather than the introduction of public-law supervision, may prove the most consequential factor in shaping the future of Czech fiduciary law.
The Austrian private foundation represents a major success story. Established in 1993, it has proven highly effective in numerous respects, particularly regarding the succession of assets and corporate entities to the next generation. The Austrian legislature has granted the founder a wide range of structural possibilities. However, it is essential to note that the jurisprudence of the Austrian Supreme Court has imposed limitations in many areas of private foundation law; a thorough understanding of these limits is crucial for structuring private foundations in a legally secure manner. If structured with foresight, the Austrian private foundation can serve as a perfect instrument for succession. When drafting the founder's reserved rights, it must be noted that these can have an impact on asset protection.
Abstract New Zealand law does not recognise foundations, yet they increasingly intersect with the New Zealand legal system. This article examines how foreign foundations may be characterised under New Zealand law: as trusts, companies, or something else entirely. Drawing on a critical analysis of a 2023 tax authority decision, the article examines key features that may guide practitioners and decision-makers in characterising foundations. It highlights the uncertainties and significant consequences flowing from classification decisions, emphasising the importance of a close and nuanced analysis of a foundation’s foreign legal features and their New Zealand analogues.
Abstract 2026 marks a significant anniversary for the Principality of Liechtenstein, as it celebrates the centennial of its Persons and Companies Act (PGR) and, with it, the 100th anniversary of the Liechtenstein foundation. This article provides a historical overview of the framework conditions at the time and examines the Liechtenstein foundation from the perspective of political and economic developments over the past 100 years.
Abstract The institution of the trust occupies a central role in Israeli private law, particularly in the field of real estate. While trusts are governed primarily by the Trust Law, their application in the context of real estate taxation has evolved into a distinct and narrowly construed legal construct. This article offers an integrated analysis of real estate trusts in Israel, focusing on three core dimensions: their doctrinal distinction from agency, their function as a mechanism of asset segregation and creditor protection, and their treatment under the Real Estate Taxation Law. Drawing on Israeli Supreme Court jurisprudence and comparative trust doctrine, the article examines the tension between formal legal structures and substantive economic analysis, highlighting the increasing judicial emphasis on taxation based on economic reality.
For many years, Polish succession law proved inadequate to address succession-related matters due to the absence of effective legal instruments for long-term estate and business-succession planning. Growing expectations and sustained pressure from business owners ultimately prompted the enactment of new legislation in this field. Among the available instruments, the Act on Family Foundation occupies a central position. The Act was adopted at the beginning of 2023 and entered into force in May of the same year. This article provides a concise introduction to the Polish model of the family foundation. It examines the foundation's legal nature and objectives; the rules governing its establishment, assets, and economic activity; the position and rights of beneficiaries; the internal governance structure; issues of liability and supervision; and matters relating to dissolution and liquidation. The article aims to offer the reader a structured overview of this new legal instrument.
This article examines the intersection between the regulation of the joint property of spouses and the use of trusts and foundations (including foundation funds) under Czech law. Drawing on recent court decisions, it analyses three issues: (i) the conditions under which an urgent legal interest exists in a declaratory action concerning assets removed from the joint property of spouses; (ii) the mechanism of relative invalidity under the Civil Code, including the running of the 3-year subjective limitation period vis-à-vis both the other spouse and third parties; and (iii) the role of the corrective measures of good morals in the establishment and administration of trusts and foundations. The study systematises partial conclusions of Czech case law and formulates practical starting points that may serve as a reference for foreign discussions on the protection of spouses when structures involving trusts and foundations or foundation funds are used.
This article examines how the BVI Court navigates the tension between confidentiality and the open justice principle in trust and estate proceedings. It explores the Court’s pragmatic approach to protecting sensitive information while maintaining transparency, particularly in cases involving private wealth, vulnerable beneficiaries, or cross-border disclosure. Focusing on mechanisms such as confidentiality clubs, anonymised judgments, redactions, private hearings, and disclosure safeguards under the CPR, the article analyses recent BVI authority alongside comparative common law jurisprudence to illustrate how competing interests are balanced in practice.
This article examines the profound impact of the landmark judgment of the Court of Justice of the European Union (CJEU) in WM and Sovim SA v Luxembourg Business Registers on the regulation and enforcement of Beneficial Ownership Registers in the Czech Republic. The judgment, by invalidating the provision for unrestricted public access, fundamentally shifted the concept of transparency from an absolute good to a qualified right, requiring strict proportionality with the fundamental rights to privacy and data protection. Due to subsequent legislative inaction, the Czech supreme courts intervened, establishing a doctrine of “functional connection” between the duty to register and the automatic public disclosure. This judicial activism declared the public-law enforcement mechanism (including sanctions and corporate penalties) for nonregistration to be unenforceable, as compliance would inevitably lead to a violation of constitutional rights.
A Quistclose trust is a trust that operates by operation of law in commercial transactions, which can be of particular significance to lenders or transferors of property seeking remedies after a failed transaction. This article considers the concept of a Quistclose trust and its development in case law and looks at the elements necessary to establish a Quistclose trust and how the trust operates in practice.
It is easy to make assumptions about who is, and who is not, the “child” of an individual. In the past, the main question was whether someone was the legitimate child of another. As society and technology have changed, the meaning of “child” has changed to accommodate such matters as adoption, IVF, surrogacy, and same sex marriage. This presents legal issues for those faced with the wording of a will or trust that depends on whether an individual is the “child” of another: how to draft so that someone’s status as a “child” of another is made clear, and how to approach the question of whether custom, an older legal document, or legislation might influence what is open to the draftsman. This article highlights some of the issues to help the draftsman be alert to them and address them accordingly.
This article suggests that, with respect, the Supreme Court may have neglected the issue of 'dishonesty' in Hotel Portfolio II UK Ltd v Stevens [2025] UKSC 28, [2025] 3 WLR 293, in relation to the 'dishonest' assistance of a breach of constructive trust found to have taken place. And that the judgment is another noteworthy and potentially revealing marker-albeit seemingly an inadvertent one-in equity's controversial transition from 'knowing assistance' to 'dishonest assistance' of a breach of trust or breach of fiduciary duty.
This article analyses Hungarian Asset Management Foundations (AMFs) as a novel civil-law response to the longstanding enforceability deficit of family constitutions. Positioned at the intersection of trust law and foundation law, the Hungarian AMF combines institutional legal personality with fiduciary obligations comparable to those of common-law trustees. Through a doctrinal examination of the AMF's core governance instruments-particularly the Founding Charter and ancillary regulatory documents-the article demonstrates how family governance principles, succession objectives, and beneficiary rights may be transformed into binding, enforceable arrangements. The Hungarian model illustrates an emerging convergence between trust-based fiduciary governance and foundation structures, offering valuable comparative insights for trust and private wealth scholarship.
This article examines the Czech beneficial ownership register after the Court of Justice of the European Union (CJEU) judgment in WM and Sovim, which invalidated mandatory unrestricted public access to beneficial ownership information. It argues that the Czech access model changed materially after public access was disabled on 17 December 2025, but remains transitional pending full transposition of Directive (EU) 2024/1640. The article separates the continued anti-money-laundering function of the register from its access regime and places the Czech development in comparative European Union context.
