These rules apply to the trust agreement

The provisions of contract law apply to the trust agreement. However, there are some special features to consider.

The trust agreement is a so-called innominate contract, which means it is not regulated by law. What rules apply to the trust agreement then?

Trustees take on various tasks

Trustees provide their clients with a variety of services such as bookkeeping, tax consulting, or representation on boards of directors. At its core, however, the trust agreement is about someone (the trustor) handing over an item (the trust property) to a trustee. The trustee then takes care of the trust property according to the instructions of the trustor and represents the trustor in their external business dealings.

Trust agreement is a mandate

The trust agreement is almost exclusively governed by mandate law. Thus, the trustee is obligated to carry out the entrusted business carefully and in the interest of the trustor. Unlike an employee, however, a trustee can shape his own activities freely. The trustee only needs to perform his service carefully, but is not required to achieve a specific result. This distinguishes the trust agreement from a contract for work.

Written form for the trust agreement

Mandates can generally be concluded informally, meaning a written contract is not necessary. However, an information sheet from the federal tax administration foresees the conclusion of a written contract for classic trust agreements. This must include not only the personal details of the trustor but also an exact description of the trust property. Moreover, the trustee must maintain separate accounting for each trust relationship. For both contracting parties, the conclusion of a written contract is recommended anyway for reasons of evidence.

Contract without compensation possible

Payment is only envisaged in mandate law if it has been agreed upon or is customary. Therefore, the conclusion of a contract without compensation is permissible under the law. However, the information sheet on trust relationships by the tax administration states that the trustee should receive appropriate compensation for their efforts. Additionally, the professional codes of the associations TREUHAND SUISSE and EXPERTSUISSE also provide for the payment of compensation.

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