What is the Second Beneficiary in the Bank Trust?
A. The Second Beneficiaries are also known as “beneficiaries of the owners”. You will need to stablish Second Beneficiary for each one of the First Beneficiaries. If one of the First Beneficiaries want to inherit to other of the First Beneficiaries, this needs to be explained too. Certain percentage ownership, or instructions can be instructed, but it is a good ideal to keep the document simple. Currently, there are no inheritance taxes. Changing the Second Beneficiary into First Beneficiary status is not considered a sale in Mexican Law therefore no taxes are liable although Bank fees and Notary fees will be incurred.
