23 May Argentina Inheritance Successions Airplanes Aircrafts
Successions in Argentina involving Airplanes and Aircrafts
Vast experience and extensive knowledge are the two main factors that support the long record of success achieved by the team of professionals working at one of the very few law firms in Argentina that specializes in successions involving airplanes.
Concepts such as last will, succession, probate, inheritance, intestacy, and estate planning may be very confusing for most people, especially under the grief-stricken and stressful situation involving the death of a loved one.
Important Definitions and Concepts
In general, succession is the process of settling a deceased person’s estate. Then, after distributing the property, it is time to pay the debts in full. It also refers to the estate a person leaves behind at death.
On the other hand, probate is the court proceeding for the purpose of administering the decedent’s estate. Then, assets are transferred to the appointed heirs and beneficiaries. Also, any taxes or other debts are paid. However, only property owned by the deceased that is not automatically granted to an heir is subject to probate. In a probate proceeding, the court appoints a personal representative to administer and transfer the assets.
Aircraft is a special category that other law firms specializing in successions often overlook. The most common reason is the reluctance to deal with the very complex technical aspects involved in this field. In general, legal expertise is not enough to handle the intricate technicalities and requirements typical of the aviation industry. This became quite evident for us over time, which resulted in the addition of field experts on this matter to properly assist our clients. These specialists include –among others-: appraisers, former pilots, aviation mechanics, consulting experts, aircraft operators, technical translators, pilot licensing officer, etc.
In the case of personal airplanes, the new owner receives it as tangible personal property without a title. Then, the new owner should submit a bill of sale and a certified copy of the letter of testamentary to the Administración Nacional de Aviación Civil (ANAC) [National Administration of Civil Aviation] in Argentina in order to properly register the aircraft. In addition, the ANAC should be promptly notified after a registration-card holder or a registered operator passes away. Said notification should include a copy of the death certificate, as well as the name and contact details of the appointed administrator.
If the deceased person was also the registered operator, a new registered operator must be appointed as soon as possible in order to avoid the cancelation or suspension of the aircraft registration. The new registered operator should provide proof of eligibility as well. And last, if the deceased was the registration-card holder for a registered aircraft, a notification of transfer of ownership needs to be completed and signed by the appointed administrator of the estate.
If you decide to operate the aircraft while probate is pending, it is also very important to notify the insurance company, as well as to pay the insurance policy in full.
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