Inheritance as a personal and general economic problem — about it with the managing partner of Bryan Cave Leighton Paisner law firm in Russia Andrey Goltsblat the editor-in-chief of Business FM Ilya Kopelevich Andrey Goltsblat has had a talk. Photo: Goltsblat BLP LLP/commons.wikimedia Has come into force the law allowing citizens to create hereditary funds which will work after their death. It it seems as an analog of the western trust, but whether he solves those problems for the sake of which owners of the large capitals register them in foreign offshores? About it the editor-in-chief of Business FM Ilya Kopelevich talked to the managing partner of Bryan Cave Leighton Paisner law firm in Russia Andrey Goltsblat. In Business FM studio Andrey Goltsblat well familiar to our listeners on law firm of Goltsblat BLP. BLP is a major British company, and Goltsblat BLP was the Russian version. Now BLP has connected to the largest American company Bryan Cave. I have correctly explained everything? Andrey Goltsblat: Everything is correct and, the largest international company. Since September 1 those parts of the Russian legislation, certainly, important for wealthy people which concern inheritance have come into force. Hereditary fund — business new. Tell, please, what it can be compared in the international legal practice to? Andrey Goltsblat: Really, the State Duma has accepted, the president has signed the law, amendments to the Civil Code of the Russian Federation where have entered institute of hereditary fund. Intentions of creation of this legal institute consist in an opportunity to structure assets of wealthy people to facilitate then, in case of the death of the main testator, life to his successors. As a matter of fact, the law means creation of hereditary fund after the death of the testator. At the same time the hereditary fund in Russia is structure which actually is one of successors under the will. In other words: during lifetime the testator can enter in the will hereditary fund as one of successors, along with all others. He too surely has to register other successors? Let's say he, maybe, in his life had several children different families, different spouses, he is obliged to register all? Andrey Goltsblat: He can bequeath everything in hereditary fund, and can transfer all to children. The hereditary fund is a peculiar substitute equivalent of a trust which actively practices in foreign jurisdictions. The trust in classical understanding is the company or fund which, as a rule, is registered in offshore jurisdictions. Most important: to elect the managing director of this trust. Difference from the Russian hereditary fund that the trust contract is signed during lifetime of the potential testator. In Russia only the will, the charter of a trust and the rule of management of this trust is formed during lifetime. When the person dies, he isn't able to affect any more. To finish business. Andrey Goltsblat: Yes, the notary, or authorized people, the linguistic data base has to finish
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