"Fiducie" is a French law concept based on the contractual holding of assets for the benefit of a third party. The concept has some similarities with a Trust (although a Trust is not a contract). French law does not know the Anglo-Saxon concepts of law and equity, beneficial ownership or trust and has therefore developed the "Fiducie" as an alternative.
'Fiducie' in the French law sense is a contract by which a settlor ("Constituant") transfers assets to a designated person ("Fiduciaire") with instructions to hold the assets for the benefit of one or click more designated beneficiaries ("Bénéficiaires").
Within families, "Fiducie" allows family property and assets to be held almost in perpetuity when confronted to certain life incidents:
- Protected adult,
- Managing young persons wealth,
- Asset protection against future creditors,
In 2014, BASSANO AVOCATS launched BASSANO FIDUCIAIRE, a new entity dedicated to "Fiducie" business (as permitted by Article 2015 para.2 of the French Civil Code), authorised to act as a "Fiduciaire" (Trustee).
"Fiducie" can be used either to manage assets, and/or in a contractual relationship, as the depositary of securities.
The settlor ("Constituant") of a "Fiducie" must by law be advised separately by a lawyer external to BASSANO AVOCATS and it is for this reason that the fiducie contracts will be a operated with BASSANO FIDUCIAIRE.
The assets held within a "fiducie" are managed through specific accounts, guaranteed by professional risk cover (professional liability insurance and legal representation of assets cover).
BASSANO FIDUCIAIRE must operate under the rules of professional conduct applicable to French 'avocats', including the prohibition on conflicts of interest, the principle of independence and a prohibition of fee-splitting.