What is a trust account?
It is a transfer of assets under a determined time or condition. Its constitution is done via public deed and is generally used by parents who want to avoid future processes under a will or inheritance procedure.
It is also a disposition under which a testator leaves their inheritance or part of it entrusted to a person, for which under a predetermined amount of time, hands it over or invests it in a matter that is indicated to them.
- National ID card.
- Detailed request.
- Public deed.
- Certificates of good standing for valuation, property taxes and others that may apply (administration).
- Certificate of tradition and freedom.
Frequently Asked Questions
Which documents are required for a trust account?
Identity documents of the constituent, trustee and beneficiaries.
In the case of an asset, the deed must be presented, as well as the certificate of tradition and freedom, a certificate of good standing for the property tax and valuation tax. If there is a motor vehicle, the vehicle ownership card must be presented, as well as a certificate of tradition and freedom and a certificate of good standing for the vehicle’s taxes.
What must be done in order to constitute a trust?
The asset to be handed over in a trust must be mentioned in a notary, making all conditions clear to the trust account, for example: getting married, finishing a university or being 18 years old.
If my asset is a motor vehicle, which documents do I need?
The vehicle’s property card and the car must be presented before the notary.
Which characteristics does a trust have?
This process is revocable, it can be modified and the beneficiary may be changed. It takes effect when the established condition or term is met. The beneficiaries do not necessarily need to be present before the notary or sign the deed.