Editing Trust (law) (section)

==Significance==
The trust is widely considered to be the most innovative contribution of the [[English law|English legal system]].<ref>{{cite book|last1=Goode|first1=Roy M.|title=Commercial Law|date=2 January 1996|publisher=Penguin UK|location=London, U.K.|isbn=0140125345|edition=2nd}}</ref>{{verify source|concern=Can someone verify if this source says i) it is the most innovative contribution, ii) or that it is widely considered the most innovative contribution, or iii) none of the above?|date=September 2015}} Today, trusts play a significant role in most [[common law]] systems, and their success has led some [[Civil law (legal system)|civil law]] jurisdictions to incorporate trusts into their [[civil code]]s. In [[Curaçao]], for example, the trust was enacted into law on 1 January 2012; however, the Curaçao Civil Code only allows express trusts constituted by [[Act (document)|notarial instrument]].<ref>{{cite journal|url=http://www.cifa-curacao.com/pdfdocuments/WPNR%202012-6926%20De%20Boer.pdf|title=De Curaçaose trust in de partijk|language=nl|author=M. Bergervoet and D.S. Mansur|date=14 April 2012|journal=Weekblad voor Privaatrecht, Notariaat en Registratie|access-date=15 September 2012|archive-date=29 October 2012|archive-url=https://web.archive.org/web/20121029022622/http://www.cifa-curacao.com/pdfdocuments/WPNR%202012-6926%20De%20Boer.pdf|url-status=live}}</ref> France has recently added a similar, Roman-law-based device to its own law with the ''fiducie'',<ref>{{cite web | title = Loi n°2007-211 du 19 février 2007 instituant la fiducie | url = http://www.legifrance.gouv.fr/affichTexte.do?cidTexte=JORFTEXT000000821047&dateTexte= | date = 1 February 2009 | publisher = Legifrance.gouv.fr, le service public de la diffusion du droit | access-date = 18 November 2010 | archive-date = 9 March 2010 | archive-url = https://web.archive.org/web/20100309071215/http://www.legifrance.gouv.fr/affichTexte.do?cidTexte=JORFTEXT000000821047&dateTexte= | url-status = live }}</ref> amended in 2009;<ref>{{cite web | title = Ordonnance n°2009-79 du 22 janvier 2009 (consolidated version) | url = http://www.legifrance.gouv.fr/affichTexte.do?cidTexte=JORFTEXT000000821047&dateTexte= | date = 1 February 2009 | publisher = Legifrance.gouv.fr, le service public de la diffusion du droit | access-date = 18 November 2010 | archive-date = 9 March 2010 | archive-url = https://web.archive.org/web/20100309071215/http://www.legifrance.gouv.fr/affichTexte.do?cidTexte=JORFTEXT000000821047&dateTexte= | url-status = live }}</ref> the ''fiducie'', unlike a trust, is a contractual relationship. Trusts are widely used internationally, especially in countries within the [[English law]] sphere of influence, and whilst most civil law jurisdictions do not generally contain the concept of a trust within their legal systems, they do recognise the concept under the [[Hague Convention on the Law Applicable to Trusts and on their Recognition]] (partly only the extent that they are parties thereto). The Hague Convention also regulates [[trusts (conflict)|conflict of trusts]].

Although trusts are often associated with intrafamily wealth transfers, they have become very important in American capital markets, particularly through pension funds (in certain countries essentially always trusts) and mutual funds (often trusts).<ref name=Hansmann1998>{{cite journal | last1 = Hansmann | first1 = Henry | last2 = Mattei | first2 = Ugo | date = May 1998 | url = http://www.nyulawreview.org/sites/default/files/pdf/NYULawReview-73-2-Hansmann-Mattei.pdf | title = The Functions of Trust Law: A Comparative Legal and Economic Analysis | journal = New York University Law Review | access-date = 17 August 2018 | archive-date = 18 September 2017 | archive-url = https://web.archive.org/web/20170918120301/http://www.nyulawreview.org/sites/default/files/pdf/NYULawReview-73-2-Hansmann-Mattei.pdf | url-status = live }}</ref>