The Trust in Brazil

Walter Douglas Stuber and Henrique Bonjardim Filizzola *

1. Introduction

The concept of the trust as it is known in anglo-saxon law does not exist in Brazil. Brazilian law does recognize, however, some similar institutes, which are discussed below.

A - The fidei-commissum

Brazilian legislation which regulates testamentary succession grants any person of full legal capacity the right to dispose of his assets by will, subject only to the required portion due to the legal heirs. The testator has the right to nominate heirs or legatees and impose to one of them1 ("the fiduciary") the obligation of transferring the inheritance or legacy to another heir or legatee ("the fide-commissary"), on the death of the testator, at a certain time or on certain conditions. Such a faculty is called fidei-commissum.