Escrow
Trusts
- The trust is a legal act by virtue of which a person called the Trustor transfers assets to a person called the Trustee, who undertakes to manage and/or dispose of them to fulfill a lawful purpose determined by the trustor in favor of a trustee or beneficiary who It may be the trustor himself.
- At least three (3) parties participate in every trust:
- The Trustor (client): natural or legal person who transfers assets to the Trust. The trustor can at the same time be a beneficiary and even though the assets belong to the trustor, he can stipulate conditions in the contract that will allow him to maintain control of them.
- The Trustee (the fiduciary entity): It is the legal entity that receives the assets to manage as established in the trust contract. Beneficiaries: These do not have to be part of the trust contract and can even be designated in the future, as long as sufficient circumstances for their identification are expressed in the contract. administrar según lo establecido en el contrato de fideicomiso.
- Beneficiaries: These do not have to be part of the trust contract and can even be designated in the future, as long as sufficient circumstances for their identification are expressed in the contract.
- Additionally, depending on the circumstance, advisors, protectors, consultants or committees may be appointed within the Trust, whose functions may be established within the same contract.
- The Trust does not have legal personality;As a consequence, the Trustee is the one who maintains ownership of the trust assets in a fiduciary capacity and, therefore, is the one who represents the Trust.
- In the market there are three (3) large types of Trusts: Guarantee, Administration and Investment Trusts.