ARGENTINA SUCCESSION PROCEEDINGS
Succession refers to the body of law pertaining to the distribution of a person’s assets after they have died. Based on the property type, the property value, the debts of the decedent and some other factors, the process may be very easy or complicated.
Types of succession in Argentina
1. Intestate succession (without a will), which represents a majority of cases; and
2. Testamentary succession (with a will)
A judicial succession proceeding is how the law sees the transfer of immovable assets i.e. real estate, permits the transfer of bank accounts and stocks and bonds or any assets that are documented in the name of the deceased person , and arranges for the payment of the debts of the decedent. If a person dies without having any of those properties, and without any significant debt, it may be unnecessary to open his succession.
Among the most frequent questions people ask is how long it will take to complete a succession proceeding in the City of Buenos Aires or Province of Buenos Aires. The answer is dependent upon:
• Whether the documents (vehicles ownership certificates, death certificates, birth certificates, real property title deeds (departments, houses, motorcycles, vessels, motor vehicles, securities and shares, bank statements ) needed to start the succession is available;
• The court wherein the succession is to be settled, which depends on the jurisdiction corresponding to the last domicile of the decedent;
• The number of heirs and their willingness to speed up the process by signing all the documents needed and collaborating in moving the judicial process forward; and
• Whether there is any conflict among heirs, in which case, such conflicts must first be solved through the help of a probate lawyer Argentina to continue with the succession proceedings as laid out by the legislation in force.
Generally, a succession proceeding takes at least 5 months to acknowledge the legal heirs for an intestate succession to be issued , depending on the jurisdiction ( City or Province of Buenos Aires with their diverse Judicial Departments).
Furthermore, succession expenses are incurred per stage. It may involve the issuance of certificates showing family bonds between the decedent and their heirs, the form utilized to apply for proceedings connected with the whole estate of the demised, the compulsory social security levy of the probate attorney Buenos Aires (lex provisional), court fees, and succession notices.
It is therefore, important to note that the completion of all procedural terms and stages (i.e. filing of the petition for succession, publication of estate notices in the Authorized Gazette, rulings confirming the lawful heirs to an intestate succession, distribution and enrolment of the properties the estate of the decedent) is the leading principle of any succession proceeding.
If when the succession is completed, the heirs have finally made up their mind to sell the assets, the ruling confirming the genuine heirs to an intestate succession has to be registered via fast tracking i.e. In one act before a probate attorney Buenos Aires, assets are then transferred from the decedent ) to heirs and from heirs to buyer. For such reasons, a probate lawyer Argentina must demand that the registration be made through fast tracking, and give the name, domicile and a contact number of the acting probate attorney Buenos Aires, who will be certified to take the succession records for several days to set up the fast tracking title act. In pursuant to the relevant legislation, counsel’s charges in the City of Buenos Aires vary from 11% to 20% of the exact asset value, less than 25%.
In the Province of Buenos Aires, they vary from 7% to 25% of the assets’ tax assessment which is near the real value. As the amounts to be permitted for counsel’s charges in a succession proceeding may be somewhat high, you need to enter into a fee’s agreement with your probate lawyer Argentina before starting the proceedings otherwise, they may request the courts to fix the counsel’s charges, which may be higher compared to those you would have agreed by mutual consent.
A probate lawyer Argentina can provide you the most effective legal solution for succession cases of diverse nature, and can handle both simple and complex registrations involving assets in the national territory and abroad. For more details on succession proceedings, please contact Kier Joffe Attorneys at Law, Buenos Aires, Argentina.
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