The article is devoted to preconditions for adoption and analysis of the provisions of the Convention on the Law Applicable to Trusts and on Their Recognition, adopted by the Hague Conference in 1985. The Convention has played a key role in recognition of trusts by the countries in which this institution is unknown. However, the Convention does not introduce trust concept into civil law countries, but merely creates the basis for the recognition of trusts created under the foreign law. The research of the provisions of the Convention and practice of their application in other countries of continental law gives the author grounds for her own conclusions about the perspectives for its ratification by Ukraine.