Best Trusts Lawyers in Armenia

About Trusts Law in Armenia:

Trusts are a legal arrangement where a person (the settlor) transfers assets to another person (the trustee) to hold and manage for the benefit of a third party (the beneficiary). Armenia passed the Law on Trusts in 2019, which governs the establishment, operation, and termination of trusts in the country.

Why You May Need a Lawyer:

You may need a lawyer for assistance in creating a trust, navigating the legal requirements for trusts in Armenia, resolving disputes related to trusts, or updating an existing trust to comply with the current laws.

Local Laws Overview:

In Armenia, trusts are governed by the Law on Trusts, which sets out the requirements for creating a trust, duties of trustees, rights of beneficiaries, and the termination of trusts. Trusts in Armenia must have a minimum duration of 99 years and must be established in writing.

Frequently Asked Questions:

1. What is a trust?

A trust is a legal arrangement where assets are transferred to a trustee to hold and manage for the benefit of a third party.

2. Can I create a trust in Armenia?

Yes, trusts can be created in Armenia in accordance with the Law on Trusts.

3. How long can a trust last in Armenia?

Trusts in Armenia must have a minimum duration of 99 years.

4. What are the duties of a trustee in Armenia?

Trustees in Armenia have a duty to act in the best interests of the beneficiaries, manage trust assets prudently, and comply with the terms of the trust.

5. How are trusts terminated in Armenia?

Trusts in Armenia can be terminated by fulfilling the purpose for which the trust was created, by agreement of the parties involved, or by court order.

6. Can I amend a trust in Armenia?

Yes, trusts in Armenia can be amended by following the procedures set out in the Law on Trusts.

7. What happens if there is a dispute regarding a trust in Armenia?

Disputes regarding trusts in Armenia can be resolved through negotiation, mediation, or by taking the matter to court.

8. Are trusts in Armenia subject to taxation?

Trusts in Armenia may be subject to taxation on income or assets, depending on the specific circumstances of the trust.

9. Can I create a charitable trust in Armenia?

Yes, charitable trusts can be created in Armenia for purposes that benefit the public interest.

10. How can I ensure my trust is legally valid in Armenia?

To ensure your trust is legally valid in Armenia, it is advisable to seek legal advice when creating and structuring the trust to comply with all legal requirements.

Additional Resources:

For more information about trusts in Armenia, you may contact the Ministry of Justice or consult with a legal professional specializing in trusts law.

Next Steps:

If you require legal assistance in trusts in Armenia, it is recommended to consult with a qualified lawyer who can provide guidance and support in creating, managing, or resolving issues related to trusts.