Living Trusts in Argentina
In Argentina, the concept of living trusts is not commonly used. Trusts, in general, are not widely recognized or regulated in the country’s legal system. Instead, Argentina primarily relies on other legal structures such as wills, family agreements, and corporate structures for estate planning and asset protection purposes.
What is a Living Trust?
A living trust, also known as a revocable trust or inter vivos trust, is a legal arrangement in which a person (referred to as the grantor or settlor) transfers their assets into a trust during their lifetime. The grantor retains control over the trust and can make changes to its terms or revoke it altogether if desired.
The trust is managed by a trustee, who can be the grantor or someone else chosen by the grantor. The trustee holds and administers the assets on behalf of the beneficiaries designated by the grantor. These beneficiaries can be individuals, charitable organizations, or even the grantor themselves.
One of the main benefits of a living trust is that it allows for the avoidance of probate, which is the legal process of validating a will and distributing assets after someone passes away. By placing assets in a trust, they are held separately from the grantor’s estate and can potentially be transferred to beneficiaries without going through probate.
Contact LIMERES for a consultation or to get a quote:
By email: LivingTrusts@Limeres.com
USA: +1 (925) 791-8555
ARG: +54 911 4162-0021
Living trusts can also provide privacy, as they generally avoid the public scrutiny that may occur with probate proceedings. Additionally, they can be useful for managing assets in the event of incapacity or disability, as the designated successor trustee can step in to handle the trust’s affairs.