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Business Activities Listing of English summaries of Main Research Publication series

We have provided English summaries of the Foundation's main reseach publication series which have been published up until now.
Click each ▶ mark, you can read the brief summary of the report.


●The below series are avaiable in paper booklet form.
They can be ordered using the "Order Form." Additionally, PDF Versions (featuring the entire report) can be downloaded via
the "Research Publication Series Listing" section.  (Please use the most up to date PDF reader version.)

88 Utilization of voluntary guardianship, voluntary agency, and trust
in an aging society (2021)

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By Prof.Makoto Arai(eds.) and other 10 members
Trusts can be used to manage the assets of the elderly or disabled. It is arguably important to enable trusts to respond to varied individual needs; trusts are ordinarily individual matters and their use should center on personal trusts. Thus far, however, in Japan the focus of the trust business has been on collective trusts – a situation which makes it difficult to claim that personal trusts have developed sufficiently. Given Japan’s ageing society, it is desirable that the trust business evolves to encompass personal trusts. To this end, it is necessary not only to promote awareness of the trust banks that carry out trust business, but also to launch a debate as to the best way to regulate the supervisory authorities. Although trusts are a system for managing assets, they are not a system for personal affairs; there is therefore a risk that that using trusts may cause the personal welfare aspect of asset management to be neglected. It is difficult in personal trusts to distinguish between asset management and personal affairs; but such a distinction is unnecessary. For example, the purpose of a special donation trust is to contribute to the stable life of a beneficiary who is a person with special disabilities. However, this is not purely a matter of asset management; it is also a matter of personal affairs. It is unnecessary for the trustee to take direct responsibility for the care of the beneficiary; but because personal welfare matters are inevitably linked to the management of the trust assets, a forward-looking stance is essential for the future popularization of personal trusts. At the very least, it should be entirely possible (eg. through coordination with adult guardianships under civil law) to position trusts within the support system that is provided for all aspects of the lives of the elderly people who are the beneficiaries. Furthermore, in order to popularize personal trusts, Japan must establish an understanding of the need to pay appropriate trust fees. The notion that welfare is a benefit provided by the government must be eradicated; a change of perception is required, whereby users understand more about how to ‘buy` personal trusts. This will doubtless correspond with an increasing tendency for the trust business to be a fee-paying business. Of course, there will naturally be a need for settlors to develop their knowledge of personal trusts as fee-paying trusts and to share this knowledge with users. Finally, in order to popularize personal trusts, it will be necessary to nurture corporate trustees that can execute such trusts in an appropriate manner. New developments regarding personal trusts have emerged in recent years. The first is the education fund donation trust: a new form of trust designed to transfer assets of the elderly to younger generations and support education and human resources. This was introduced pursuant to the tax exemption measures on donations relating to one-off education fund donations, in tandem with revisions to the taxation system in 2013. For example, in the event that grandparents create a trust and appoint a trust bank as trustee for educational funds, of which the beneficiary is a grandchild, and entrust the bank with cash, sums of up to \15million will be exempt from donation tax. Trusts such as this are typically personal trusts and are often mentioned in UK and US textbooks on trust law. The second type of trust users special contract cash trust schemes to help systematically distribute funds for everyday life. The settlors deposit funds for day-to-day life in a cash trust and receive regular payments to cover their living costs as the beneficiaries( self-benefit trusts ). When the settlor begins to inherit, a beneficiary, designated by the settlor from among the heirs presumptive, receives a one-off payment. After the settlor has begun to inherit, a person designated by the settlor from among the heirs presumptive to receive the residual funds receives the residual funds of the trust. These two types of trust represent a significant contribution to the development of personal trusts in Japan and their future direction merits close attention.


86 A study report by the research group on foreign laws of trusts:  wills alternatives and other trust related issues (2020)

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By Prof. Norio Higuchi(eds.) and other 8 members
This publication is a study report of 9 members, 8 legal academics and 1 banking practitioner, and includes 9 articles on the theme of wills alternatives in the United States, Australia, France and Germany and other trust related issues from a comparative perspective. One paper is written in English, though the others in Japanese. This study group took keen interest in the development of the will alternatives in foreign countries, particularly the role of trusts in common law countries. In the fall of 2017, we began to study by choosing as a text, Alexandra Braun & Anne Röthel eds., Passing Wealth on Death: Will-Substitutes in Comparative Perspective (Studies of the Oxford Institute of European and Comparative Law) (Hart Pub. 2016), and selected reading materials in it to discuss the meaning and importance of the new device for succession in each country. After finishing the book, each of us reported on the trust related issues from a broader point of view, such as the relationship of trust and corporation, ESG investment and fiduciary duties and so on until the fall of 2019. We thank for great support by the Trust Forum Foundation and would continue to keep interest in the development of trusts in foreign countries which we do believe is relevant to the development of laws of trust in Japan.


85 A Comparative Study on Execution of Will: Theory and Practice (2020)

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By Prof. Hiroto Dogauchi (eds.) and other 7 members
It is often pointed that there are not enough clear rules on execution of will, qualified acceptance of inheritance and separation of inherited property in Japanese Law, which causes a lot of legal problems. For ameliorating this situation, our study group is to research will execution problems, including rules on treating testators’ debts, in civil law countries (France, Germany, and Austria) and common law countries (UK and US), especially through visiting professionals in these countries.


84 Trusts, Wealth Management and Wealth Transmission (2019)


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By Prof.Atsushi Kinami & Prof.Takeshi Sakuma (eds.) and other 6 members
This study is a collection of eight papers which are products of the collaborative research project to investigate important legal issues arising when trusts are employed in the management of assets and those arising when use of trust for family wealth transmission are more frequently witnessed after the recent trust law revision in Japan. Some papers inquire into important legal issues when trusts are employed to manage assets in general, and the others investigate newly arising issues found in intersection of the general law of successions and the use of trust in family wealth transmission.


82 Taxation on Financial Transactions (5) (2018)

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By Prof. Minoru Nakazato (eds.) and other 5 menbers
Taxation on wealth transfer through a trust is an important and complicated topics in taxation. Our study group of seven tax law specialists explore taxation on wealth transfer from the viewpoints of trust law, local taxation, international taxation and economic analysis of law. Our group have published the four reports since 2011.

  • Taxation on Financial Transactions (1), 2011
  • Taxation on Financial Transactions (2), 2012
  • Taxation on Financial Transactions (3), 2014
  • Taxation on Financial Transactions (4), 2016
  • This is the fifth report of our study group. This report includes the following topics: legal criteria for judging whether a contract is onerous or gratuitous, constitutional law and international norm, income tax adjustment for inheritance tax, confidentiality of information about a taxpayer’s affairs, taxation on Sovereign Wealth Funds, regional cost-of-living adjustment under Japanese tax system.


    81 Trusts under the Financial Instruments and Exchange Act (2017)

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    By Prof. Hideki Kanda(eds.) and other 6 menbers
    Trusts are subject to regulation, which includes the Trust Business Act, the Act on the Trust Business by Financial Institutions, and the Financial Instruments and Exchange Act (FIEA). The FIEA regulation of trusts is highly complex and its relationship with other regulatory laws sometimes raises difficult issues in theory and practice. In our study group, six experts identify issues in the selected FIEA areas and suggest solutions to the problems that may arise in the application of the FIEA to trusts.


    80 A Study on Trusts and other Comparable Legal Institutions(2017)

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    By Prof. Yoshihisa Nomi(eds.) and other 5 menbers
    The legal device of a trust plays an important role in wealth management and wealth transfer to the next generation. In wealth management of elderly people it competes with guardianship, durable power of attorney or mandate contract. In wealth transfer a trust can be compared with testamentary will. donatio causa mortis, life insurance and other legal institutions. Our study group of eight trust law specialists explore each legal institution and clarify the distinctive feature of trusts, including tax law perspective.


    79 Legal Responsibilities and Powers of Trustees and Other Persons Who Administer Asset Management Schemes (2016)

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    By Prof. Atsushi Kinami & Prof.Seiichi Yamada (eds.) and other 5 menbers
    This is a collection of seven papers which are products of the collaborative research project to investigate legal responsibility and powers of trustees and other persons who administer schemes of asset management. The increasing value of assets thus managed and their societal importance require better understanding of their legal responsibility and powers. Some papers approach the issues by means of comparison of law governing trust administration with laws governing those asset management schemes; the others compare such regulations with those under foreign laws.


    78 Study on the intersection of trust and civil procedure law(2016)

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    By Prof. Seiichi Yamada(eds.), Takuya Hatta, Satoshi Aoki et al.
    This report is the result of a discussion of important issues in the area where trust law and civil procedure law intersect. The specific themes are as follows: relative effect principle in cancellation of fraudulent trust, restrictions on compulsory execution of property belonging to trust property,


    77 Taxation on Financial Transactions (4) (2016)

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    By Prof. Minoru Nakazato (eds.) and other 6 menbers
    Taxation on wealth transfer through a trust is an important and complicated topics in taxation. This is the forth report of our study group. Our study group of seven tax law specialists explore taxation on wealth transfer from the viewpoints of trust law, legal local taxation, international taxation and economic analysis of law. Since taxation is based on economic transactions, tax law scholars need to consider taxation based on the private law analysis of the transactions, and take into account economic implications of taxations. This report includes the following topics: theoretical analysis of pro forma corporate taxation, definition of foreign source income, perspective on CBIT (comprehensive business income tax) and BEIT (business enterprise income taxation), deemed inheritance and trust, exit taxation, taxation on hybrid entity, legal policy andbehavioral science on retirement savings.


    73 Taxation on Financial Transactions (3) (2014)

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    By Prof. Minoru Nakazato (eds.) and other 6 menbers
    Taxation on wealth transfer through a trust is an important and complicated topics in taxation. This is the third report of our study group. Our study group of seven tax law specialists and one corporate law specialists explore taxation on wealth transfer from the viewpoints of trust law, trust taxation, international taxation and economic analysis of law. Since taxation is based on economic transactions, tax law scholars need to consider taxation based on the private law analysis of the transactions, and take into account economic implications of taxations. This report includes the following topics: legal analysis of incorporated foundation as a trust, foreign tax credit for a branch, fundamental analysis of “Super-Matching” rule, U.K. tax reform under UCITS IV, legal interpretation of government-private contracts in American law, reconsideration of income attribution, and age-based taxation.


    67 Taxation on Financial Transactions (2) (2012)

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    By Prof. Minoru Nakazato (eds.) and other 6 menbers
    Taxation on wealth transfer through a trust is an important and complicated topics in taxation. This is the second report of our study group. Our study group of seven tax law specialists explore taxation on wealth transfer from the viewpoints of trust law, trust taxation international taxation and economic analysis of law (law and behavioral economics). Since taxation is based on economic transactions, tax law scholars need to consider taxation based on the private law analysis of the transactions, and take into account economic implications of taxations. Research on tax law is destined to be interdisciplinary. Our research is still in the middle of the road, and we need to continue further research on wealth transfer. This report includes the following topics: creation of the law of trust, source-based taxation on interests, private trust and inheritance tax, treatment of trust under tax treaty, taxation on donor advised funds, effects of tax salience on individual decisions.




    ●The below series are currently unavailable in paper booklet form.
    PDF Versions (featuring the entire report) can be downloaded via the "Research Publication Series Listing" section.
      (Please use the most up to date PDF reader version.)

    76 Trusts in Theory and Practical Use(2015)

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    By by Prof. Hiroto Dogauchi (eds.) and other 6 members
    The aim of our study group is to discuss several current problems on trusts. The topics were selected by each member. However, the content of this joint reports clearly shows the list of current important problems: Information as trust property, Trust as a vehicle for Employee Stock Ownership Plan, Transfer of ownership as Security and Trust, Cancellation of Fraudulent Trust and Civil Law, The Conceptual Relationship of Duty of Loyalty and Duty of Care, Remedies for Acts Conducted by Trustee beyond Their Powers, Fiduciary Liability in Securitization.


    70 Legal Position of Trustees and Other Persons Who Administer Asset Management Schemes (2014)

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    By Prof. Atsushi Kinami & Seiichi Yamada (eds.) and other 6 members
    This is a collection of eight papers which are products of the collaborative research project to investigate legal position of trustees and other persons who administer schemes of asset management. The important role they play in contemporary life requires a fuller inquiry into the legal position of persons in this position and its relevance in choice of scheme for asset management. Individual papers tackle important issues posed by use of those schemes by means of inter-schematic comparison and comparative law.


    69 Analysis of Trust from the Basic Principles of Law(2013)

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    By Prof. Hiroto Dogauchi (eds.) and other 7 members
    In analyzing trust law, our study group focused on the basic principles in Civil Law and Bankruptcy Law. Our research topics are: Nullity and Avoidance of Trust, Patrimoine Theory in France and Obligations Covered by the Trust Property, Discussion on Property and Trust for Understanding Chinese Trust Law, Bankruptcy Remoteness in Declaratory Trust, Liability of Trustee as an owner of Structure on Land, The Relationship of Debt of Former Trustee and Liability of New Trustee, Set-off of deposit refund claim regarding advance payment of public works and bankruptcy, Constructive Trusts and Insolvency.


    66 Taxation on Financial Transactions (1) (2011)

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    By Prof. Minoru Nakazato (eds.) and other 6 menbers
    Taxation on wealth transfer through a trust is an important and complicated topics in taxation. In private law, wealth transfer without payment might be an exceptional case. In tax law, such transfer has been an important issue. Our study group of six tax law specialists explore taxation on wealth transfer from the viewpoints of estate tax, gift tax, income tax and corporate tax. To get a new perspective on wealth transfer taxation, our study group address a fundamental issue on each topics. This report includes following topics: advantageous issuance of new shares and taxation of beneficiaries, gratuitous transaction and considerations, legal distinction between donation and expenditure for self-benefit, intergenerational transfer through public trust foundation, taxation on beneficiary continuous trust, timing of taxation on estates and gifts.


    65 Study on Declaration of Trust(2011)

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    By Prof. Kiyoe Kado (eds.) and others
    In Japan, trust created by way of declaration of trust had not been admitted. But amended Trust Act, which has come into effect as of September 30th 2007, has admitted creation of trust by way of declaration of trust, which it has called “ Jiko Shintaku“. Our study group has picked up several areas, for examples, securitization of debts, business trust, and family trust, where Jiko Shnitaku can be made use of and has studied many problems awaiting solution from the aspect of not only Trust Act but also Trust Business Act, Tax Law and accounting.


    64 A study of the trusts from a comparative law perspective(2010)

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    By by Prof. Hiroto Dogauchi (eds.) and other 6 members
    After the enactment of new Trust Act in Japan, there have appeared a lot of articles and books which analyzed the act from practical point of view. However, in order to build the stable basis for practice, the academic and theoretical analysis is also required. The members of our study group share such common awareness of the issue, and the following topics have been selected. The Qualification of Legal Situation as Trust, Declaratory Trust of Claims with Restraint of Alienation, Trust of Leased Estate and Security Deposit, Asset Protection Trust, Claim of Trust Creditors and Trustee in Bankruptcy of Trust, Liability of Trustee against Third Parties in Limited Liability Trust, Purpose Trust.


    60  Theoretical Analysis of New Trust Act(2010)

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    By Prof. Norio Higuchi (eds.) and other 8 members
    From the fall of 2007 through the summer of 2009, nine legal scholars and practitioners gathered once a month to discuss trust related issues. This group was named the research group on American law of trusts and supported by the Trust Forum Foundation. Their interest was not limited to the United States, however, and the collection of 9 articles here as the outcome of research includes a paper on the England law, the country of origin of the trusts.
    These papers are diverse in contents and themes but common in one point. The members have enthusiasm and academic curiosity in the variety of uses of trusts in the United States and other common law countries, which are relevant to Japanese law. The Japanese Trust Act was completely amended in 2006. As a result, one paper was on the declared trust in the United States, since this type of trust formation was newly recognized in Japan by the 2006 amendment of Trust Act. Also, another paper was on the duty of impartiality, which was expressly enacted by the new Act. A third one is comparison of the tax effects of successive transfer of beneficiary rights between the U.S. and Japan, and this is also recognized by the new Act.
    We would like to express our deep thanks for the support of the Trust Forum Foundation and hope for the development of the uses of trusts in Japan.

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