08 Jan Estate Planning Argentina Buenos Aires
Probate Lawyer in Buenos Aires Argentina; Estate Planning
Elder Law in Buenos Aires, Argentina
ARG: +54 (9-11) 4162-0021
USA:+1 (650) 395-7313
Probate / Estate Administration
To begin with, when a loved one passes away, his or her estate often goes through a court-managed process called probate or estate administration. Then, the assets of the deceased are managed and distributed. Thus, if your loved-one owned his or her assets through a well-drafted and properly funded living trust, it is likely that court-managed administration is still necessary. Nonetheless, the successor trustee needs to administer the distribution of the deceased. Likewise, the length of time needed to complete the probate of an estate depends on the size and complexity of the estate. Additionally, it is subject to the local rules and schedule of the probate court.
Every probate estate is unique, but most involve the following steps:
Filing of a petition with the proper probate court.
Notice to heirs under the Will or to statutory heirs (if no Will exists).
Petition to appoint Executor (in the case of a Will) or Administrator for the estate.
Inventory and appraisal of estate assets by Executor/Administrator.
Payment of estate debt to rightful creditors.
Sale of estate assets.
Payment of estate taxes, if applicable.
Final distribution of assets to heirs.
FREQUENTLY ASKED QUESTIONS
What happens if someone objects to the Will?
An objection to a Will, also known as a “Will contest” is a fairly common occurrence during the probate proceedings and can be incredibly costly to litigate.
In order to contest a Will, one has to have legal “standing” to raise objections. This usually occurs when for example children are to receive disproportionate shares under the Will. Also, when distribution schemes change from a prior Will to a later Will. In addition to disputes over the tangible distributions, Will contests can be a quarrel over the person designated to serve as Executor.
Does probate administer all property of the deceased?
Probate is primarily a process through which title is transferred from the name of the deceased to the names of the beneficiaries.
Certain types of assets are what is called “non-probate assets” do not go through probate. These include:
Property in which you own title as “joint tenants with right of survivorship”. Such property passes to the co-owners by operation of law and does not go through probate.
Retirement accounts such as IRA and 401(k) accounts where there are designated beneficiaries.
Life insurance policies.
Bank accounts with “pay on death” (POD) designations or “in trust for” designations.
Property owned by a living trust. Legal title to such property passes to successor trustees without having to go through probate.
Do I get paid for serving as an Executor?
Executors are reimbursed for all legitimate out-of-pocket expenses incurred in the process of management and distribution of the deceased estate. In addition, you have a right to statutory fees. In fact, they vary from location to location and on the size of the probate estate. The Executor has to fulfill his or her fiduciary duties on behalf of the estate with the highest degree of integrity. Additionally, the Executor may be held liable for mismanagement of estate assets in his or her care. Likewise, the Executor should retain an attorney and an accountant to advise and assist him with his or her duties.
How much does probate cost? How long does it take?
The cost and duration of probate can vary substantially depending on a number of factors such as the value and complexity of the estate, the existence of a Will and the location of real property owned by the estate. Will contests or disputes with alleged creditors over the debts of the estate can also add significant cost and delay. Common expenses of an estate include executors fees, attorneys fees, accounting fees, court fees, appraisal costs, and surety bonds. These typically add up to 9% to 19% of the total estate value. In general, it takes around 9 to 18 months to settle most estates. However, this applies when the other party does not litigate.
In conclusion, our law firm provides legal services throughout Argentina. For instance, below you can see all the provinces, towns, and cities where we operate.
Buenos Aires, La Plata, Catamarca, San Fernando del Valle de Catamarca, Chaco, Resistencia, Chubut, Rawson, Córdoba,
Corrientes, Entre Ríos, Paraná, Formosa, Jujuy, San Salvador de Jujuy, La Pampa, Santa Rosa, La Rioja, Mendoza, Misiones,
Posadas, Neuquén, Río Negro, Viedma, Salta, San Juan, San Luis, Santa Cruz, Río Gallegos, Santa Fe, Santiago del Estero,
Tierra del Fuego, Antártida e Islas del Atlántico Sur, Ushuaia, Tucumán, Mar del Plata, San Miguel de Tucumán