Trust Law and Probate in Turkey
Setting up a trust or will have been a popular estate planning tool in Turkey, especially if you want to leave properties and assets to third parties without the hassle of undergoing the Turkish probate process. With a trust or will arrangement, the creator or trustor transfers his property under the care of a trustee, who can be a trust lawyer or attorney, in favor of the beneficiary parties as heirs.
Turkish trust law allows you to dictate the schedule of distributing the inheritance to the heirs, which a will do not allow in Turkey. In this regard, many people prefer to arrange their inheritance arrangements via trust agreements and sometimes as will in Turkey.
According to Turkish law, there are many aspects of a trust document that needs to be considered which may lead to adverse consequences.
The online information available on Turkish trust law would not be sufficient because a Turkish trust attorney needs to examine all aspects of your real intention and accordingly arrange all the details of trust agreement in line with Turkish inheritance law.
Certain topics can only be answered by a good Turkish trust lawyer who has experience in Turkish will law, Turkish probate law, and who has the deep knowledge and experience dealing and executing an actual inheritance and trust document.
The trustee needs to cooperate with an experienced trust attorney in terms of the structuring of real intention and definition of heirs etc. To assist you in setting up the trust, a trust lawyer who can provide meaningful legal help to the trustee, the person who is in charge of managing the trust. Especially whenever a real estate subject of trust a document the details of legal relationships need to be arranged in line with Turkish law.
The trust lawyer is also held responsible for drafting an effective plan for the protection and distribution of the properties in Turkey or abroad of the trustor after his death. The trust attorney also needs to draft related documents intended for the protection of the assets against lawsuits and taxes.
The first thing that a trust lawyer must do at the start of the engagement is to make a plan based on the needs of the client. The plan is based on the economic and financial circumstances of the client as assessed by the trust lawyer her or himself in compliance with the Turkish Trust and Will Law.
The trust lawyer must also evaluate whether the client is married or not, the number of children, as well as incapacity issues that may be relevant as to the terms and conditions of the trust. Oftentimes, the trust lawyer will have a set of questions to be answered by the client.
After acquiring the pertinent information needed, a trust lawyer mainly works on four documents—last will, living will and advance directives, power of attorney, and various other trusts.
In Turkish will law, in the execution of the last will, the trust lawyer is expected to make sure that formalities applicable to wills are complied with to secure the validity of the said will.
A trust lawyer is also needed in the preparation of a living will, a document that specifies the client’s intentions pertaining to the medical procedures and care they intend to receive in times of incapacity. The expertise of the trust lawyer is called for in the making of living will since its legal requirements vary from country to country.
As to the execution of the trust, it is upon the wisdom of the trust lawyer in Turkey to determine the type of trust you have to execute that is suitable to your own needs. The trust document to be executed will specify the rules to which the trustee shall abide.
If you need an expert attorney or a lawyer to help you with a trust, reach out to us. We are here to help.