TESTAMENTS in ARGENTINA. Here is Everything you need to know about Argentinian Wills.
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In Argentina, testaments (or wills) are legal documents used for transferring assets and designating beneficiaries after the testator’s death. Argentine inheritance law is governed by the Civil and Commercial Code, which outlines the rights, formalities, and limitations surrounding testamentary succession.
Here’s an overview of the main aspects of Argentine testaments:
1. Types of Testaments
• Holographic Will (Testamento Ológrafo): This is a handwritten will written entirely and signed by the testator. It doesn’t require witnesses but must be handwritten by the testator to be valid.
• Public Will (Testamento Público): This will is created with an Argentine notary present and signed by the testator, the notary, and witnesses. It is registered in the public notary records and offers more security.
• Closed Will (Testamento Cerrado): This will is written and sealed by the testator and then delivered to a notary in the presence of witnesses. It remains closed until the testator’s death.
• Foreign Will: Argentina generally recognizes valid foreign wills if they meet the formalities of the country where they were made and as long as they do not contradict the general rules of Argentine succession laws. However, such wills must be translated and legalized for use in Argentina.
2. Limitations on Testamentary Freedom
Argentine inheritance law includes “forced heirship” rules, limiting the testator’s ability to freely distribute their assets. Certain family members, known as forced heirs (legitimarios), are entitled to a statutory portion of the estate, which cannot be overridden by a will. Forced heirs include:
• Spouse or cohabiting partner
• Children and descendants
• Parents and ascendants, if there are no descendants
The estate is divided into three portions:
• Legitimate Portion: Reserved exclusively for forced heirs.
• Available Portion: This part of the estate is freely disposable and can be left to anyone the testator chooses, even a non-relative.
• Improvement Portion: This is a discretionary portion that can be given to any of the forced heirs to “improve” their share.
3. Requirements for Validity
• Capacity: The testator must be over 18 and possess mental capacity when making the will.
• Voluntariness: The testator must be acting voluntarily, free of coercion.
• Formalities: Each type of will has specific formal requirements; failing to follow these requirements may lead to the will’s invalidation.
Wills must be notarized or satisfy other formal requirements depending on the type. This ensures authenticity and legal recognition.
4. Revocation and Alteration
Argentine law allows testators to revoke or amendtheir wills at any time, provided they maintain mental capacity. The most recent valid will supersedes any prior ones. A will is automatically revoked if the testator makes a new one, clearly stating their intention to cancel any previous versions.
5. Probate Process
After the testator’s death, the probate process(sucesión) administers the estate according to the will’s terms or, if there’s no will, follows the rules of intestate succession. The process includes:
• Filing the Will: The will is presented to the probate court for authentication.
• Appointing an Executor: If an executor was named, they manage estate administration. If none was named, the court may appoint one.
• Identifying Heirs: Heirs are confirmed based on the will or intestate succession laws.
• Debt Settlement and Asset Distribution: All debts must be settled before assets are distributed to heirs.
6. Intestate Succession
If there’s no will, assets are distributed under intestate laws:
• First to children or descendants.
• Then to spouses.
• If no direct descendants, parents or ascendants inherit.
• Other relatives inherit only if no closer heirs exist.
7. Taxation
Argentina does not impose inheritance tax at the federal level, but provincial taxes may apply in certain regions, like Buenos Aires Province, which has a limited inheritance tax.
If you have a will that needs to be enforced in Argentina let’s set up a call and explore your case in detail.
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