Succession and Estate Planning: A Glance into the Future

In just a little under ten years, we have witnessed the evolutionary development of inheritance law in Russia. The emergence of new legal institutions in Russian legislation helps stimulate entrepreneurial activity, develop economic relations and social stability, and preserve traditional (family) values. The legal order in place today provides an opportunity to choose not only for large businesses, but also for the emerging middle class as part of ensuring the interests of heirs and society. In a rapidly changing world where social and economic metamorphoses are often unpredictable, the flexible legal instruments that are available to participants in civil transactions are crucial to prosperity and stability. The idea of the primacy of individual will, coupled with the need to respect the interests of the state, should become the basis for the drafting of effective and internally consistent legislation. A bill has been introduced to the Russian State Duma on the possibility of transferring control over a personal fund to management companies as professional participants in the securities market. At the same time, work is underway to improve legislation in terms of perfecting the mechanism for creating personal funds and regulating their activities.