Argentine Estate Planning Common Terms and Definitions

Argentine Estate Planning Common Terms and Definitions

Estate Planning Common Terms and Definitions

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The most common terms and definitions regarding estate planning are the following:


The value of all assets owned by the Decedent reduced by certain debts and expenses.


The person appointed by the court to oversee the distribution of the property of someone who dies. Usually, this person is the “executor” or “personal representative” of the will.


The decedent pays an amount or distributes property to a Beneficiary before his death as an advance payment of the inheritance.

Thus, an advancement should replace the bequest under the Will.


A statement made, offend signed under the penalties of perjury, for a specific purpose.

For example, the Witnesses to a Will may sign an Affidavit stating the facts upon signing the will.


Person to whom the power of attorney is granted (a.k.a. “Attorney-in-fact”).

Argentine Estate Planning Common Terms and Definitions

Every person is permitted to give away up to $12,000 (in 2006) per year (indexed) to any other person without incurring any gift tax.

Additionally, there is no limit on the number of people the Decedent could have made these gifts to in a year.

Then, to qualify for this exclusion, the gifts must be a gift of a present interest, meaning that the recipient can enjoy the fit immediately.

However, this can present problems when you make gifts to Trusts. It can be doubled to $24,000 per person per year if the Decedent was married and his spouse consented to join in making the gift.


One who estimates the value of a property for tax purposes.

The valuation placed on the property by a public tax assessor for purposes of taxation.

A transfer to another of any property, real or personal, or of any rights or estates in said property.

In general, common assignments are of leases, mortgages, and deed of trust, but the general term encompasses all transfers of title.


The last portion of a Will that includes one or more lines for the Testator, required number of Witnesses, and for the Notary to sign. The format can vary from state to state.

Person to whom the power of attorney is granted (a.k.a. “Agent”).

Common Terms and Definitions

Common Terms and Definitions


The cost of an asset increased by the cost of any improvements and reduced by depreciation or amortization deductions. This is used to calculate gain or loss on the sale.

Upon death, the Decedent’s Basis in most assets is increased to the value of those assets as reported on the Decedent’s Estate tax return.


A “beneficiary” is a person who receives benefits from a will or trust (“your estate”). For example, if you leave one of your valuables to your child, that child is a beneficiary.

Consequently, a beneficiary has the right to his share of your property only after you die.


A “beneficiary” is a person who receives benefits from a will or trust. For example, if you leave one of your valuables to your child, that child is a beneficiary.

The legal term for “making a gift” pursuant to a will.

A legal arrangement whereby a third-party financial institution guarantees the performance of a Fiduciary.


Contractual arrangements governing the transfer of ownership interests (stock or partnership interests) in a closely held business. These often rely on insurance to provide the necessary funds.


A Trust formed typically under Decedent’s Will to receive, hold, and invests assets up to the Decedent’s Applicable Exclusion Amount.

In fact, the purpose of a Bypass Trust is to hold assets for the benefit of the Decedent’s surviving spouse (and possibly other heirs) without those assets being taxed in the surviving spouse’s Estate.


The Decedent could have donated property or money to a charity, reserving the right to use the property, or to receive income from it for a specified time.

For example, a number of years, the duration of your life, or the duration of the Decedent’s life, and the life of a second person such as his spouse.

In fact, when the agreed-upon period is over, the property belongs to the charitable organization.

Additionally, the Trust can be an annuity trusts (pays a fixed amount each year) or a unitrust (pays an amount to you based on a percentage of asset values held by the charity).

An invalid encumbrance on real property, which, if valid, would affect the rights of the owner.

A separate written document that bequeaths personal property or items of sentimental value to beneficiaries.


Two or more persons serving as Executors.

The degree of closeness of a particular relative.

A written agreement to abide by a particular decision or arrangement.


Consideration is something that is done or promised in return for a contractual promise.

For example, in a promise between A and B for the sale of As car to B, B’s payment of the price of the car (or promise to do so) is the consideration for A’s promise.

Again, each party provides consideration when making an agreement; this may be by means of doing or not doing an act or just promising to do or not do an act.

In other words, consideration is a benefit to one party while being a detriment to the other one at the same time.


In the absence of a power of attorney, the person appointed and supervised by the court to make decisions on your behalf should you become mentally disabled (a.k.a. committee, guardian of the estate, curator).

The transferring of a property title from one individual to another.


The corpus is the main part of an account, trust, or estate you leave behind from which income is derived.

For instance, let us assume you have a property for rent you want to leave behind to your child.

However, you provide the property will be held in trust for your child until that child reaches the age of 18.

In fact, the property is considered to be the corpus of your gift to your child.

Two or more persons serving as Trustees.

The institution which handles and supervises Probate and related matters.

A legal doctrine that Courts use to prevent a charitable bequest under a Will from lapsing.


A formal document issued by the appropriate governmental agency confirming the name, address, and date of death of the Decedent.

In other words, an original death certificate is necessary to obtain the release of many assets, be attached to a federal Estate tax return, and so on.


If any heir owes you money, this allows you to list amounts owed to you by any heirs and have them deducted from the gift you give them.

For example, if an heir owes you $100 and you leave to him or her $300, then $100 will be collected for your estate, and $200 will go to the heir.

A person who has died.

A written acknowledgment by one holding legal title to property that the property is held in trust for the benefit of another.


A legal document conveying title to a property.
A written document for transfer of land or real property from one person to another.
A writing or instrument under seal, containing some contract or agreement, and which has been delivered by the parties.

Most importantly, for a deed to be valid, it must be written or printed on parchment or paper, there must be sufficient parties, a proper subject matter which is the object of the grant, sufficient consideration, an agreement properly set forth.

In addition, all the parties should sign and seal it before a competent officer. Next, it is time to record the deed.


A deed a mortgagor gives to the mortgagee to satisfy a debt and avoid foreclosure. Also, called a “voluntary conveyance.”

The document used in some states instead of a mortgage. The title is conveyed to a trustee rather than to the borrower.


Where a sufficient portion of the Decedent’s Estate is comprised of assets in a closely held and active business, his estate may qualify to pay the estate tax attributable to these assets over a 14-year period instead of within 9 months of death.

A child, grandchild, or great-grandchild.


A person indicated to be the recipient of a pension or retirement plan where such designation is made with the necessary formalities.

Real property left to someone in a will. See also Bequest.

The permanent home of the Decedent that becomes the location in which Probate proceedings are commenced.

A person who receives a gift.

A person who makes a gift.

A document in which the Decedent granted certain people the authority to handle financial matters. Where a Power of Attorney is durable, it will remain valid even if the Decedent becomes disabled, but it always terminates on death.

The portion of a Decedent’s assets which the surviving spouse can claim under the Spousal Right of Election laws in the state where the Probate occurs.

Documents, real estate, money, or securities deposited with a neutral third party (the escrow agent) to be delivered upon the fulfillment of certain conditions, as established in a written agreement. –
An account held by the lender into which a homeowner pays money for taxes and insurance.

An estate is subject to two kinds of taxes: Federal Estate Tax and State Death Tax. These taxes apply to money and assets passed to heirs.


Generally, an estate is everything you possess, including your property and items of value. More precisely, an estate is the property owned, and debts owed, by the deceased person. In other words, when a person dies, all of his or her worldly property and debts become the “estate” of that person.

In other words, your home, other real estate, bank accounts, investments, retirement benefits, IRAs, insurance policies, collectibles, and personal belongings are part of your estate.

Also, the estate should comply with the provisions of the Last Will and Testament. Otherwise, under the laws of intestate succession.

A portion of the Estate tax attributable to an interest in certain business assets can be deferred for up to 14 years.

If the Decedent’s assets exceed the Applicable Exclusion Amount, a tax filing must be made to report the Estate’s assets, after paying expenses and liabilities to the IRS.

The act of signing and witnessing the signing of the will.


The person who makes decisions on behalf of your estate after your death. This is the person appointed in your will to manage your estate, deal with the probate court, pay your outstanding debts, collect your assets, and distribute your estate according to the provisions in your will. In essence, this person becomes your personal representative.

Nevertheless, if there is no Last Will and Testament, the court will appoint a person to administer the estate after a hearing to determine which person is most qualified.

If your executor does not act for the best interest of all the parties, then the court should replace that person.

Therefore, you should carefully decide which person you want as your executor.

The compensation which the person serving as Executor is entitled. State law usually restricts the amount that can be paid.

A person serving in a position of trust. It is typically used as a generic term to encompass Executors, Trustees, and Guardians.

The procedure of mailing or delivering documents or tax returns to the Court or IRS.

After death, a last income tax return must be filed for the Decedent.

An analysis of all assets received by the Estate, the gains or losses, income and expenses realized by the Estate, and distributions to Beneficiaries, which is made in a detailed manner conforming to specific statutory and Court requirements.


An adult appointed to care for a minor child and control that child’s property. If your spouse is legally the mother or father of the children, then you should appoint the spouse as guardian in most cases. Besides, when you appoint someone other than his or her spouse to be the guardian, the court will balance what is in the best interest of the children.

Then, if there is no Declaration Naming Pre-Need Guardian, the Court, after a hearing, will decide who will be the guardian, after considering the best interest of the children.


The arrangement or relationship of a Court-appointed person designated with the responsibility of managing the assets and/or affairs of a specified disabled or minor beneficiary.

The right given to a person, the power holder, to direct where certain assets can be distributed. This right must include the right to designate the Decedent, his creditors, his Estate, or the Creditors of his Estate as recipients.

This specific inclusion will assure that the assets subject to this General Power of Appointment will be included in the Decedent’s Estate for tax purposes. This is generally done to avoid the imposition of a Generation-Skipping Transfer (GST) tax.

A transfer tax imposed in addition to a gift or Estate tax on transfers to skip persons such as grandchildren.

Where the Decedent transferred property without receiving something of equal value in return, the federal government will assess a transfer tax where the value of the gift exceeds the annual exclusion and the Decedent’s Applicable Exclusion Amount is exhausted.

If the Decedent and his spouse join in giving an Annual Exclusion.


A form for the conveyance of interest in real property. A grant deed implies certain warranties. It implies the grantor has not previously conveyed any title to the property to another. It implies the property is, at the time of the conveyance, free from any liens allowed to be placed on the property by the grantor or grantor’s agent.

One to whom a grant is made. Generally, the buyer.

The grantor is the person who creates the living trust. She decides what property to include in the trust. She also decides who the beneficiaries of the trust will be. Because the trust is revocable until the grantor’s death, she can change any part of the trust as often as she likes. The grantor is also known as the trustor.


The record of the passing of title to all the properties in a county as kept by the county recorder’s office. Property is checked by tracing the names of the sellers and buyers (chain of title).

In general, title companies usually have more efficient methods by keeping records according to property description, rather than people’s names.

The value of all assets owned by the Decedent at death. Some important tax benefits are based on certain assets meeting specified percentages of the Gross Estate.


An adult appointed to care for a minor child and control that child’s property. In the case the decedent has a spouse who is legally the mother or father of the children, then the will maker should appoint the spouse as guardian in most cases.

Likewise, if the originator appoints someone other than his or her spouse to be the guardian, the Court will balance the will maker’s desires with what is in the best interest of the children.

If there is no will, the Court, after a hearing, will decide who will be the guardian, after considering the best interest of the children.

A person appointed by the court to protect the interests of a minor.

The arrangement or relationship of a Court-appointed person designated with the responsibility of managing the assets and/or affairs of a specified disabled or minor beneficiary, and that person.

An heir refers to any person designated to receive something of value from the estate of a deceased person.

A will that has all major provisions hand-written. Handwritten wills are allowed in about half of the states.


The dwelling (house and contiguous land) of the head of a family. Some states grant statutory exemptions, protecting homestead property (usually to a set maximum amount) against the rights of creditors.

Likewise, property tax exemptions (for all or part of the tax) are also available in some states. Statutory requirements to establish a homestead may include a formal declaration to be recorded.

Income earned, such as interest accrued on a bond included in the Decedent’s federal Estate tax calculation as an asset.

In addition, it is also reported on the Decedent’s final income tax return. Credit for the Estate tax paid may be claimed.


An analysis of all assets, the gains or loss, income and expenses, and distributions to beneficiaries, upon the agreement of all the beneficiaries, but which does not conform to the specific statutory Court requirements.

On the other hand, informal accounting minimizes the substantial costs and time requirements for completing a Formal Accounting.

A number of states assess a tax based on the value of the property that Beneficiaries inherit.


A trust established to own the Decedent’s life insurance policies and thereby prevent them from being included in the Decedent’s Estate if the transfer was complete. The Decedent did not die within three years of making the transfer.

Ownership interests in copyright, royalty, and other similar assets.

Interment is another word for burial, as opposed to cremation.

A trust created during the Decedent’s lifetime. Also called a living trust.

Argentine Estate Planning Common Terms and Definitions


If the Decedent did not sign a Will, he or she will have died Intestate. Since there is no Will to direct what should happen, the laws of the state where the Decedent resided will determine who should serve as Executor (sometimes called Administrator), who will receive property, and so on.

The word “intestate” refers to a probate proceeding whereby the deceased person either did not prepare a will or the will cannot be located.

A formal listing of the Decedent’s assets, sometimes required to be filed with the Court.

When it is not possible to change a trust after the Decedent established it, the trust is irrevocable.


An irrevocable trust is one that neither you nor your successor trustee can alter in any way.

A property description, recognized by law, which is sufficient to locate and identify the property without oral testimony.

A non-binding letter from the Decedent providing information on personal matters relevant to the Estate.

A formal document you receive by the Court after a Will, which includes one or more Trusts (e.g., a Bypass Trust or QTIP Trust) has been admitted to Probate confirming your authority to act as Trustee.

Argentine Estate Planning Common Terms and Definitions


A living trust is a legal document that allows you to give property and control of your property to a trustee. It is a legal entity – a piece of paper – that is capable of owning property.

A trust allows you to gather together in one document all your significant property. This is important if you want to make sure that your property is distributed easily and quickly after your death. The trust, not you, owns that property. This doesn’t mean that you no longer have control of your assets.

Appointing a Trustee

Since you, the grantor, will usually appoint yourself as the trust’s initial trustee, you still have complete control of your property. You can do what you want with that property – you can even transfer some property out of the trust or add property to it.

Most importantly, a living trust allows you to provide for the quick and efficient distribution of your property to loved ones when you die.

Additionally, the trust must contain the following elements: expression of your intent to create a trust; naming your trust beneficiaries; description of the trust property; a valid trust purpose (e.g. to provide for the welfare of your children or grandchildren); and the transfer of property.

Argentine Estate Planning Common Terms and Definitions


A living will is a document outlining very specific medical instructions that apply while you are still alive, but are unable to communicate your wishes. Unlike a typical Last Will and Testament, it really has nothing to do with how you want your property divided when you die.

Life Support

It simply states that you do, or do not, want artificial life support if you become either:

  • terminally ill and will die within a short period of time without life support, or
  • in an irreversible coma or vegetative state.

Thus, a living will also allow you to make decisions regarding whether or not you would like to receive pain medication and artificial nutrition. In addition, you can indicate special wishes or instructions. For example, some people may want to remain on life support for only a certain period of time.


Assets bequeathed to the Decedent’s surviving spouse or to certain qualifying Trusts. In fact, they are for the benefit of the Decedent’s surviving spouse (see OTIP and ODOT) qualify for an unlimited state tax deduction.

The point at which one is no longer able to make legally binding decisions (i.e. comatose, brain-damaged).

A person who has complied with a particular state’s requirements to witness documents and place a seal or stamp on them indicating that the document has been signed with a specified degree of formality. Requirements and procedures differ by state.

Argentine Estate Planning Common Terms and Definitions

Specific dollar distributions provided under the Will.

Under per capita distribution, that gift which would have gone to the heir is divided among your other heirs still living. For example, if you leave your Argentine stock to Child X, but Child X is no longer living, then the Argentine stock will be divided equally among your living heirs.


Under per stirpes distribution, that gift which would have gone to the heir is divided among that beneficiary’s heirs. For example, if you leave all of your estate to John (who has two children), but John dies before you, then John’s children would receive your property.

Distribution by representation. If child A has 3 children and child B has 2, and each child was intended to receive 50 percent of the Estate, if both child A and child B die, child A’s 3 children each receive 1/3 of 50 percent and child B’s 2 children each receive 1/2 of 50%. Provincial laws vary.


Any piece of property that is moveable, contrary to land or attached to the land. For instance, cars, jewelry, furniture, all fall into the category of personal property. It is possible to divide personal property into community and separate property.

If an heir receives specific items of personal property, describe the property in as much detail as possible in order to leave no room for doubts. For example, “To my son, John Doe, I leave my stainless steel Timex wristwatch that has a white face and black dials.”

It is a common term used for a person appointed to oversee the will’s distributions. See Executor.

Argentine Estate Planning Common Terms and Definitions


An authority by which one person (principal) enables another (attorney in fact) to act for him.

General Power: Authorizes sale, mortgaging, etc., of all property of the principal. Invalid in some jurisdictions.

Special Power: Specifies property, buyers, price and terms. However, it varies in each state.


An account, such as a bank account, which specifies that on the death of the primary account holder the account will be paid to the next named person. “John Doe, P.O.D., Jane Smith” means that the account is Paid On Death of John, to Jane. This is a non-Probate asset.

A Will that distributes assets into a Revocable Living Trust for ultimate distribution.


The right given to a person, the power holder, to direct where certain assets can be distributed.

For example, the Decedent’s mother may have left the Decedent the right under her Will for the Decedent to designate under his Will, how and when his children should inherit assets from a Trust formed under his mother’s Will.

You (the person who creates the durable power of attorney).

A principal heir is the person who will receive the bulk of the estate after all smaller gifts and valuables are distributed to other heirs.

Argentine Estate Planning Common Terms and Definitions


Probate is the legal process the courts use to implement your will. In that proceeding, the court decides how an estate will be divided.

Usually, probate takes six months to three years to complete. It may also require the service of a lawyer. Nevertheless, without a will, your estate must still pass through the probate system. In that case, the court will decide how to distribute your estate among your relatives.

Distribution of Assets

Next, the court will look to your Last Will and Testament in deciding how to distribute your property and will follow the will unless it is contested by your heirs.

Generally, if an estate includes real property or minor children, a formal probate action must be brought in the correct court.

However, in many states, if the estate is of minimal value or consists solely of personal property, probate is not required, as other legal remedies are available.

Argentine Estate Planning Common Terms and Definitions

The court process following a person’s death that includes:

  • proving the authenticity of the deceased person’s will
  • appointing someone to handle the deceased person’s affairs
  • identifying and inventorying the deceased person’s property
    paying debts and taxes identifying heirs,
  • and distributing the decedent’s property according to the will or, if there is no will, according to state law.

Formal Court-Supervised Probate

In a few words, formal court-supervised probate is costly and time-consuming.

A living trust can help avoid probate because, if they are in a trust, you do not “own” the assets, the trust does.

Nonetheless, you can still control the trust assets as if they were your own, but when you die, you do not “own” anything in your trust and therefore, you avoid probate for the assets in the trust.


An asset that passes through the Estate. This is an asset that is governed by the Will and the probate process.

Thus, a jointly owned asset that passes directly to the joint owner on death would not be a probate asset. Nor would an IRA account that is paid directly to the named beneficiary.

Local tax assessed on property owned, such as real estate or automobiles. Usually federal income tax-deductible.

Argentine Estate Planning Common Terms and Definitions

A Trust that will qualify for the unlimited Estate tax marital deduction when the surviving spouse is not a U.S. citizen.


This is a Qualified Terminable Interest Property Trust under the Will designed to qualify for the unlimited estate tax marital deduction. It is not available to a noncitizen surviving spouse.

A deed that transfers whatever interest or title a grantor may have, without warranty. A quitclaim deed conveys only such rights as the grantor has.

Argentine Estate Planning Common Terms and Definitions

Real property means “land” and anything attached to the land, such as a building, home, or even trees. It includes anything underneath the land as well, such as minerals or water.


The public official who keeps records of transactions that affect real property in the area. Sometimes known as a “Registrar of Deeds” or “County Clerk.”

The noting in the registrar’s office of the details of a properly executed legal document. Namely, a deed, a mortgage note, a satisfaction of mortgage, or an extension of mortgage.

The person, beneficiary, that will receive assets or income from a Trust or Estate only after a prior person’s interest ends or is satisfied.


Distributions from qualified plans and IRAs must usually begin by the required beginning date. This is April 1 of the year following the year in which the Decedent reached age 70 1/2.


When the decedent gave property away but there is some possibility that the property will return to him. A sufficient Reversionary Interest can cause the asset to be taxable in the Decedent’s Estate.

A revocable trust is one that you can change at any time during your lifetime. When you die, your trust becomes irrevocable.

Most states have a requirement that a Trust must terminate not later than some specified time.

Argentine Estate Planning Common Terms and Definitions


A schedule is a list of all property that is in your trust. For an individual trust, there is only one schedule.

Additionally, for a basic shared trust, there are three schedules: one for property owned solely by the wife; one for property owned solely by the husband; and one for property owned jointly by the husband and wife.


A form added to a will in which the will maker and witnesses state under oath that they have signed and witnessed the will. Usually, a notary public will oversee the oath swearing and signing.

However, most states usually request the validity of the will.

If a Will complies with certain formalities, the Witnesses may not have to appear in Court.


Separate property is everything that a husband and wife OWN SEPARATELY.

In most cases, it is (1) anything you or your spouse owns prior to marriage, (2) anything you or your spouse inherits or receives as a gift, and (3) anything you or your spouse earns after your separation.

In fact, it can also include anything that one spouse gives up to the other spouse in writing.

Argentine Estate Planning Common Terms and Definitions


This is a clause in the Will, or if none, it is an issue that state law will govern. If a beneficiary dies in a car accident with the decedent, for example, who is deemed to have died first?

Most probably, this can have important implications concerning who inherits what assets.

In other words, if the beneficiary survives, his or her estate will receive the bequest and distribute the property according to his or her will.

Again, if the beneficiary actually dies first, then the Decedent’s Will for which you are responsible will determine who gets the property.



A person making a will must be of sound mind. The will maker cannot be mentally ill or handicapped.

In addition, if the originator is terminally ill and under heavy sedation, then it is questionable whether such a will could stand up in court.


A special directive is a special instruction in your will. It can have many uses for many purposes. For instance, from making a specific request to leaving a message.

Examples of special directives include:

I direct my sister in Buenos Aires, Argentina, to have the first right of refusal to purchase for cash my home in Cordoba, Mendoza, Argentina.

If all my heirs agree, I would like to sell my home in cash and distribute it according to the provisions of my will.


The laws in force in most estates protect a surviving spouse. For example, if the Decedent left an inadequate proportion of his assets to his spouse, she can sue the Estate.

Also, she may claim a minimum statutory share.


Power of attorney that is not effective until a specific event occurs (i.e. point of mental incapacitation).

On death, assets held by the Decedent receive a Tax basis, equal to the fair market value of those assets at death.

An Executor or Trustee designated to serve in the event that the person listed previously in the Will or Trust cannot serve.


The person who receives the power of attorney if the attorney-in-fact dies, resigns, or suffers a legal disability.

The successor trustee is the person who takes control of the trust after you, the initial trustee, die.

Also, the successor trustee guarantees the distribution of your estate among your beneficiaries. Usually, the successor trustee is someone that you know well and trust.


A company which offers, for a fee, a Bond which a Fiduciary may have to post to guarantee performance.

If a prospective heir passes away before you do, you have the option of leaving the property to that person’s heirs (as per stirpes). Otherwise, you may leave it to your remaining heirs (as per capita).

Argentine Estate Planning Common Terms and Definitions


The assets that are subject to inclusion in the Decedent’s Estate for tax purposes (e.g., filing a federal Estate tax return).

In other words, the probate estate may include some assets, while the taxable estate includes others


The provisions of a will apply in order to pay taxes.

The cost, plus improvements, less depreciation, and subject to certain other adjustments, of an asset.

Thus, the calculation of the capital or another taxable gain resorts to a tax basis in order to sell some assets. Upon death, the decedent’s assets generally increase their tax basis to fair value.


The possession and use of real estate owned by another party. Argentine Estate Planning Common Terms and Definitions


A type of joint tenancy of property that provides rights of survivorship and is available only to a married couple.

A form of co-ownership in English law was when a husband transfers land to his wife. However, but they cannot sell the property unless both spouses agree.

Argentine Estate Planning Common Terms and Definitions


Ownership of property by two or more people, in which each owner’s share goes to those heirs, not to the other owners.

A type of joint tenancy of property without right of survivorship; each tenant’s portion of ownership is distributable under a will.

A manner by which two or more people can own property together.

Differences regarding joint tenancy

Also, unlike joint tenancy, ownership does not need to be equal.

Actually, in most states, each tenant in common may encumber only his share of the property, so that the other share is debt-free.

Moreover, in some states, two people may seem to own property as tenants in common unless they agree otherwise in writing.

Similarly, tenants in common share equal rights except that, upon the death of a tenant in common, that share does not go to the surviving tenants. Actually, it transfers to the estate of the deceased tenant. Unity of possession but distinct titles.

Undivided ownership in real estate by two or more persons

The interests do not need to be equal. Nevertheless, and upon the death of one of the owners, and if no right of survivorship in the owners exists, but instead, the interest passes to the heirs of the deceased.

Similarly, it exists when two or more persons acquire title, not as community property or as joint tenants. Each owner has a separate and distinct interest, which must be shown on the deed of acquisition.

In fact, each owner may deal with their interest without the consent of the other co-tenants.

Argentine Estate Planning Common Terms and Definitions


First, there is a series of conditions to comply with for a person to sign a will in order to distribute the assets upon his/her death.

Second, the person needs to have testamentary capacity to sign the Will.

Specifically, this means the person had to have sufficient knowledge to understand what he or she was doing, as well as the extent of assets, and the natural objects of his or her bounty (e.g., children).


A testamentary trust is a legal document, typically, for the benefit of minor children. This trust allows you to leave property to minor children.

However, have other responsible adults manage that property until the children reach a certain age.

The person making the will.

Argentine Estate Planning Common Terms and Definitions

A legal document establishing evidence of ownership.


This legal instrument is a contract of indemnity. Besides, it guarantees that the title is as reported.

Otherwise, and if the owner suffers any damage, the title policy covers the insured for their loss up to the amount of the policy.

Insurance Coverage

Likewise, the title insurance assures owners that they are acquiring marketable title. A title insurance avoids the risk or loss an error may cause in title from the past.

Besides, it provides coverage only for title problems, which were already in existence at the time of issuing the policy.


A report showing the condition of title before a sale or loan transaction. Then, after completion of the transaction, it is time to issue a title insurance policy.


The process of examining all relevant records to confirm that the seller is the legal owner of a property.

In addition, it also guarantees that there are no liens or other claims outstanding.


A changing of ownership, such as real estate, a security or a financial account, from one party to another.

Specifically, it is a movement of funds from one account to another.

The state or local tax payable upon the transfer of a title.


A legal arrangement in which an individual (the trustor) gives fiduciary control of the property to a person or institution (the trustee) for the benefit of beneficiaries.

It is the property the settler gives to a trustee, for the benefit of another person (the beneficiary). The trustee manages and administers the property.

Actually, the trustee and the beneficiary share the actual ownership, and all the profits go to the beneficiary. Argentine Estate Planning Common Terms and Definitions

Argentine Estate Planning Common Terms and Definitions


The most common method of financing real estate purchases in California (most other states use mortgages).

Thus, the trust deed transfers the title to the property to a trustee—often a title company—who holds it as security for a loan.

Paying off the loan

Next, after paying off the loan, it is time to transfer the title to the borrower. The trustee will not become involved in the arrangement unless the borrower defaults on the loan.

At that point, the trustee can sell the property and pay the lender from the proceeds.


The trustee is the person who is in charge of the trust during your lifetime. In most cases, the initial trustee is the person who creates the trust… you.

Then, you may later designate someone else or an institution, like a bank, to act as a trustee. Moreover, the trustee is responsible for managing the property the trust covers.

Key Data

The person who holds property rights for the benefit of another through the legal mechanism of the trust.

In other words, a trustee usually has full management and administration rights over the property. But these rights should be for the full advantage of the beneficiary.

Other Factors

In fact, all profits from the property go to the beneficiary although the trustee has a right to reimbursement for administrative costs.

Additionally, there is no legal impediment for a trustee to also be a beneficiary of the same property.

Essential Information


The influence of another person that destroys the free will of the testator.

For example, if an heir is pointing a gun at the will maker, that heir exerts undue influenced, thus, nullifying the will.

Argentine Estate Planning Common Terms and Definitions

Argentine Estate Planning Common Terms and Definitions


A method to hold a property for the benefit of a minor person, such as the Decedent’s child. It is similar to a trust but is subject to the state law.

It is simpler and much cheaper to establish and administer but is far less flexible.


It provides an immediate fixed right of present or future enjoyment.

An estate is vested in possession when there is a right of present enjoyment. Also, an estate is vested in interest when there is a present fixed right of future enjoyment.

In addition, vesting also refers to who “owns” the contributions in a pension account. If the employee is 100% vested, he/she owns the funds in his/her account.

Argentine Estate Planning Common Terms and Definitions

A formal written statement whereby the signer gives up certain rights.


A deed which guarantees the title from the seller to the buyer.
On the other hand, a warranty deed conveys specific rights which comprise a good title.


The word “will” is merely an abbreviated way of referring to a Last Will and Testament.

Perhaps, a will is the most important legal document the average person will ever sign. It is an instrument that, upon your death, controls who gets your property. In addition, it appoints a guardian of your children, and who will manage your estate.


Techniques used to transfer assets on death without the Probate process.

For example, owning assets in joint name results in the surviving owner taking the title on the death of the other joint owner.


A person who watches you sign your will. Most states require two witnesses. They should prove that they have no relationship with you. Also, they will not receive anything under your will.

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