What is a trust?
It is a contract by which: the settlor transfers their own assets to another person called a trustee, in order for them to be administered, either for their own benefit or a third person (beneficiary or trustee). The trustee is bound by the expiration of a term or the fulfillment of a condition agreed upon in a public deed.
It is widely used by parents who want to avoid future will procedures or succession/inheritance processes.
It is also a process by which a testator leaves their inheritance or part of it, to a person in order that they be the ones who manage or guard the inheritance, and at a certain time transfers it to another person or invests it as has been indicated.
- National ID Card.
- Detailed request.
- Public deed.
- Certificate of Good Standing for valuation, property tax and administration, if applicable.
What documents should I bring if it is a vehicle?
- The car ownership card.
- The certificate of tradition and freedom.
- The certificate of good standing of its vehicle taxes.
- The vehicle to be presented before the totary.
What characteristics does a trust have?
Any trust is revocable, it is modifiable and the beneficiary can be changed; it becomes effective when the established condition or term is fulfilled. In some cases, the beneficiaries must appear before the notary to sign the deed.
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