The Costa Rican Commerce Code is one of the
most evolved regulations in our Civil Law. For this reason, trade
in Costa Rica has received a large amount of foreign investment
through contracts equivalent to its foreign versions in other legal
systems. A clear example is the trust, which shares the structure
and objectives of a USA trust fund.
One of the different types of Trust that the
Commercial Code describes is the
testamentary trust/probate trust , which is
usually recommended for estate planning. Therefore, it is important
to understand the probate trust, its benefit for
those who can achieve it.
What is the Probate Trust?
The Probate Trust will exist when a person
transfers the fiduciary property of certain assets and
goods to a third party, who is obligated to exercise it for the
benefit of whom is designated as a beneficiary in the same trust.
That designated person must comply with the statutes and deadlines
filed by the trustor.
