Airplane Succession in Argentina – Argentine Estate Probate Inheritances

Airplane Succession in Argentina

Argentine Estate Probate Inheritances

Airplane Succession in Argentina: Succession is the process of settling a deceased person’s estate and distributing the property after paying the debts. Some states define this process as Probate. Succession is also used to refer to the estate a person leaves behind at death.

Probate is the court proceeding through which the estate of a decedent is administered, assets transferred to his/her heirs and beneficiaries, and any taxes or other debts paid.

Airplane Succession in Argentina

Airplane Succession in Argentina

Airplane Succession in Argentina – Argentine Estate Probate Inheritances

Only property owned by the person who died that does not pass automatically to a survivor must go through a court process called probate. In a probate, the court appoints a Personal Representative to transfer the legal title of the property owned by the person who died to the persons who are supposed to receive it in Argentina.

By filing the necessary papers with the county probate court administrator, the estate executor will have the power to sell or re-register the aircraft. Also, probate is published in a newspaper announcing that claims against the estate must be made within a limited time or the claims are forever extinguished. If the state in which the aircraft is based allows joint tenancy of property with right of survivorship, titling the aircraft accordingly would cause the aircraft to pass to the surviving joint owners without probate.

The steps to transfer aircraft depend on how the person held title to the property and whether the person named someone to receive the property when he or she died. Some property must pass through probate and other property passes without probate.

Airplane Succession in Argentina

Airplane Succession in Argentina

Airplane Succession in Argentina

If the aircraft owner recorded a Transfer on Death deed for real property, the title to that property will automatically transfer to the named beneficiaries when the owner dies. That property does not need to go through the court probate process.

Property that must pass through probate before it can be transferred to another person is called probate property. This usually includes property owned only in the name of the person who died, such as an airplane, house, vehicle or bank account.

Non-probate property is the property that passes automatically to someone else when a person dies. This usually includes property held with someone else or where the person who died named someone to automatically receive the property. Common examples include a bank account, life insurance benefits, retirement benefits, or real property when you have recorded a Transfer on Death deed.

Airplane Succession in Argentina

The Personal Representative must prepare a Deed to transfer the airplane to a new owner. Unless it passes automatically to the deceased’s spouse or to a named beneficiary. As long as the person who died recorded a Transfer on Death deed.

The Personal Representative usually prepares a Quitclaim Deed when transferring property to beneficiaries and heirs.  But in some situations, the Personal Representative may prepare a Warranty Deed. Very specific language is necessary for a Quitclaim Deed and a Warranty Deed.

Airplanes can usually remain in the name of the person who died until it is time to transfer the property. If there is a current loan on the property, the beneficiary or heir should pay off the loan. Or refinance the property before accepting a deed to the property.

Airplane Succession in Argentina

Personal aircraft are transferred to a new owner as tangible personal property without a title. The new owner must register the aircraft with the Federal Aviation Administration (“FAA”). Then, provide a Bill of Sale and a certified copy of the Letters Testamentary or Letters of Administration to the FAA.

The Aircraft Registry handles the registration of every aircraft. The records are often available electronically on the Internet.  The classification of the records is according to both the VH registration number and the model of the aircraft/manufacturer. It is possible to search on either field across the entire database or segments of the database. The update of the database reflects new aircraft added or return to the service after an absence, changes in the registration holder of the aircraft, de-registration, and changes in registration trademarks. There is no fee for downloading or accessing this information.

The Aircraft Registry should be notified as soon as possible after a registration holder or registered operator passes away.

The acting solicitor will confirm the name of the executor, the contact details, and the passing of the registration holder.

If the deceased person was also the registered operator, a newly registered operator must be appointed as soon as possible. This will avoid the cancellation or suspension of the aircraft registration. Proof of eligibility will need to be provided for the newly registered operator.

If the registration holder passed away, the executor of the estate should complete and sign a Notification of transfer of ownership. The executor should write ‘Executor’ on the form near their signature.

Airplane succession in Argentina – Argentine Estate Probate Inheritances

However, lodging it isn’t necessary until Probate has been issued and the asset sold or title transferred. It is not legally necessary at this point.

Important:

  • Include the titles, registrations and insurance policies on the written presentation.
  • If you operate the vessels while probate is pending, notify the insurance company and pay the policies.
  • If the aircraft has been destroyed or needs to be canceled from the Aircraft Register for other reasons (withdrawn from use or exported) and the registration holder has passed away, provide a copy of the death certificate. Also, a letter from the solicitor acting on behalf of the estate. This letter will include the name of the executor, the executor’s contact details and the passing of the registration holder.  Otherwise, the executor should provide a copy of the will.








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