Core Viewpoint - The pilot implementation of real estate trust registration in Shanghai marks an expansion of real estate trust applications into areas such as family wealth inheritance and special needs for the elderly, contributing to inclusive finance in China [1][2]. Group 1: Trust Mechanism - Trust is a property management system where the trustor entrusts assets to a trustee, who manages them according to the trustor's wishes for the benefit of the beneficiaries. The assets can include cash or real estate [1]. - The core advantages of trusts include asset independence and the ability to address issues such as marital property disputes and inheritance order disagreements more effectively than legal inheritance methods [2]. - Trusts allow for the pre-arranged and directed distribution of assets, preventing waste and disputes that could hinder beneficiaries from receiving their entitlements [2]. Group 2: Comparison with Bank Wealth Management - Trusts provide asset independence, ensuring that trust assets are unaffected by the debts or bankruptcy of the trustor or trustee, thus protecting the beneficiaries' rights [3]. - Trusts serve as a comprehensive account, allowing for the management of both real estate and cash under one tool, facilitating integrated wealth management [3]. Group 3: Existing Issues - As of the end of 2024, the total trust asset scale in China reached 29.56 trillion yuan, indicating the significance of the trust industry, yet a comprehensive trust registration system is still lacking, which hampers information disclosure and property rights recognition [4]. - Taxation issues related to real estate trust registration are a concern, particularly regarding the clarity of tax payment documentation required during the registration process [4]. - Experts recommend legislative improvements to establish clear operational rules for trust registration and to revise relevant laws to provide a more defined legal basis for real estate trust property registration [4].