IBOV 176,145 ▲ 0.23% IPSA 10,928 ▲ 0.16% IPC MEX 66,623 ▲ 0.98% MERVAL 3,230,778 ▼ 0.14% COLCAP 2,298.82 ▼ 0.38% BVL PERÚ 56,428.20 ▲ 1.62% USD/BRL5.08▼ 1.20% USD/MXN17.42▼ 0.62% USD/CLP923.08▼ 1.05% USD/COP3,254▼ 0.25% USD/PEN3.39▼ 0.64% USD/ARS1,473▼ 0.71% USD/UYU40.23▲ 0.99% USD/PYG6,039▲ 1.12% USD/BOB10.35▲ 6.04% USD/DOP58.31▲ 0.39% USD/CRC448.93▲ 1.31% USD/GTQ7.62▲ 2.07% USD/HNL26.73▲ 1.38% USD/NIO36.62▲ 0.63% USD/VES722.19▼ 0.13% USD/PAB1.00— 0.00% USD/BZD2.00— 0.00% USD/JMD157.59▲ 0.64% USD/TTD6.75▲ 1.19% EUR/BRL5.80▼ 0.34% BRENT 84.81 ▲ 1.81% WTI 78.99 ▲ 1.09% IRON ORE 161.91 — — COPPER 6.38 ▲ 2.42% GOLD 4,070 ▲ 1.83% SILVER 59.21 ▲ 2.73% SOY 1,192 ▼ 0.87% CORN 459.75 ▲ 5.03% WHEAT 645.00 ▲ 2.87% COFFEE 333.25 ▼ 2.39% SUGAR 14.88 ▲ 0.88% ORANGE JUICE 139.15 ▼ 2.39% COTTON 81.68 ▲ 2.32% COCOA 5,849 ▲ 2.69% BEEF 231.70 ▼ 1.29% CATTLE 349.25 ▼ 1.44% LITHIUM 71.43 ▲ 1.69% PETR4 40.78 ▲ 0.30% VALE3 73.94 ▲ 1.50% ITUB4 43.47 ▼ 0.11% BBDC4 18.61 ▼ 0.85% ABEV3 15.89 ▲ 0.38% BBAS3 20.48 ▲ 1.19% B3SA3 15.30 ▲ 1.19% WEGE3 44.23 ▼ 0.36% PRIO3 56.91 ▼ 0.51% SUZB3 41.05 ▼ 1.06% RENT3 40.27 ▲ 0.17% AZZA3 18.86 ▼ 1.87% CSAN3 3.89 ▼ 0.26% RAIZ4 0.32 ▼ 3.03% PCAR3 2.47 ▼ 4.63% GMAT3 3.95 ▲ 0.25% PSSA3 53.98 ▼ 0.11% CVCB3 1.27 ▲ 1.60% POSI3 3.94 ▼ 1.25% SLCE3 13.67 ▼ 1.44% NATU3 8.50 ▼ 1.16% BRKM5 6.66 ▼ 4.03% RANI3 8.01 ▲ 0.75% CSNA3 5.12 ▼ 2.29% CMIN3 5.23 ▼ 4.04% USIM5 8.24 ▼ 1.67% GGBR4 23.10 ▲ 1.23% ENEV3 26.90 ▲ 0.07% CPFE3 47.01 ▲ 0.36% CMIG4 11.10 ▲ 0.27% EQTL3 40.56 ▲ 0.87% LREN3 14.12 ▼ 0.21% VIVT3 35.11 ▲ 1.09% RAIL3 14.13 ▲ 0.14% KLABIN 17.34 ▼ 0.80% RAIA DROGASIL 18.39 ▲ 1.04% RDOR3 35.58 ▲ 0.06% HAPV3 10.63 ▲ 1.63% FLRY3 16.27 ▲ 0.74% SMTO3 16.11 ▼ 1.59% UGPA3 30.12 ▼ 2.62% VBBR3 32.90 ▲ 0.43% BBSE3 40.15 ▼ 0.32% BPAC11 57.89 ▲ 0.64% CURY3 32.78 ▼ 1.03% AERI3 2.09 ▲ 0.48% VIVARA 23.25 ▲ 0.61% COMPASS 25.10 ▲ 1.33% VAMOS 3.05 ▲ 0.99% SANB11 27.28 ▼ 0.33% ASAI3 8.65 ▼ 0.69% SBSP3 30.31 ▼ 0.20% WALMEX 49.46 ▼ 0.38% GMEXICO 201.60 ▲ 3.07% FEMSA 233.13 ▲ 3.45% CEMEX 22.10 ▲ 1.47% GFNORTE 186.49 ▲ 2.43% BIMBO 56.23 ▲ 0.64% TELEVISA 9.38 ▼ 2.39% AMX 22.86 ▲ 1.20% GAP 387.64 ▼ 5.03% ASUR 277.70 ▼ 0.34% OMA 234.10 ▲ 0.33% KOF 182.19 ▲ 0.28% GRUMA 282.64 ▲ 0.45% KIMBER 38.43 ▲ 0.55% SQM-B 67,600 ▲ 0.58% COPEC 6,070 ▲ 0.21% BSANTANDER 78.76 ▲ 0.72% FALABELLA 5,906 ▲ 0.02% ENELAM 85.35 ▲ 1.37% CENCOSUD 2,070 ▲ 1.47% CMPC 1,082 ▲ 0.38% BANCO CHILE 188.39 ▲ 1.83% LATAM AIR 24.51 ▼ 1.57% YPF 77,100 ▼ 0.10% GGAL 8,050 ▼ 0.37% PAMPA 5,210 ▼ 0.29% TXAR 665.00 ▲ 0.08% ALUAR 961.00 ▼ 0.36% TGS 9,680 ▲ 1.15% CEPU 2,294 ▼ 1.08% MIRGOR 16,800 ▼ 1.18% COME 45.14 ▲ 0.80% LOMA NEGRA 3,540 ▲ 1.22% BYMA 306.00 ▼ 0.73% TELECOM ARG 4,250 — 0.00% ECOPETROL 15.97 ▲ 0.54% BANCOLOMBIA 81.87 ▲ 1.80% GRUPO AVAL 4.93 ▲ 0.41% CREDICORP 391.65 ▲ 0.62% SOUTHERN COPPER 180.22 ▲ 3.26% BUENAVENTURA 30.73 ▲ 3.03% MERCADOLIBRE 1,873 ▲ 0.29% NUBANK 13.98 ▲ 2.23% XP 16.76 ▲ 2.35% PAGSEGURO 9.24 ▼ 0.48% STONE 11.21 ▲ 0.49% GLOBANT 31.79 ▼ 1.03% TECNOGLASS 43.43 ▲ 1.37% GAP AIRPORT 222.56 ▼ 4.39% ASUR 277.70 ▼ 0.34% OMA AIRPORT 107.54 ▲ 1.33% AMX ADR 26.17 ▲ 0.54% FEMSA ADR 133.90 ▲ 3.79% CEMEX ADR 12.72 ▲ 2.13% PETROBRAS ADR 17.98 ▲ 0.53% VALE ADR 14.54 ▲ 2.56% ITAU ADR 8.55 ▲ 0.97% SANTANDER BR 5.39 ▲ 0.75% AMBEV ADR 3.10 ▲ 1.31% CSN 1.01 ▼ 1.94% GERDAU 4.57 ▲ 1.67% LATAM ADR 53.43 ▲ 0.19% BTC 64,775 ▲ 4.07% ETH 1,874 ▲ 5.64% SOL 77.29 ▲ 3.24% XRP 1.11 ▲ 3.85% BNB 582.36 ▲ 2.78% ADA 0.17 ▲ 5.83% DOGE 0.08 ▲ 4.55% AVAX 6.67 ▲ 3.50% LINK 8.30 ▲ 5.45% DOT 0.86 ▲ 2.69% LTC 44.85 ▲ 3.13% BCH 239.14 ▲ 1.23% TRX 0.32 ▲ 0.26% XLM 0.19 ▲ 2.59% HBAR 0.07 ▲ 0.60% NEAR 2.04 ▲ 6.27% ATOM 1.56 ▲ 1.24% AAVE 100.09 ▲ 6.07% SELIC 14.25% EMBRAER 82.89 ▼ 0.14% EMBRAER ADR 65.27 ▲ 1.23% JBS 11.86 ▲ 0.51% JBS BDR 60.20 ▼ 0.68% MBRF3 15.97 ▲ 1.59% MBRFY 3.10 ▲ 1.64% INTER 5.67 ▲ 0.35% IBOV 176,145 ▲ 0.23% IPSA 10,928 ▲ 0.16% IPC MEX 66,623 ▲ 0.98% MERVAL 3,230,778 ▼ 0.14% COLCAP 2,298.82 ▼ 0.38% BVL PERÚ 56,428.20 ▲ 1.62% USD/BRL 5.08 ▼ 1.18% USD/MXN 17.43 ▼ 0.58% USD/CLP 923.23 ▼ 1.04% USD/COP 3,255 ▼ 0.22% USD/PEN 3.39 ▼ 0.64% USD/ARS 1,473 ▼ 0.71% USD/UYU 40.23 ▲ 0.99% USD/PYG 6,039 ▲ 1.12% USD/BOB 10.35 ▲ 6.04% USD/DOP 58.31 ▲ 0.39% USD/CRC 448.93 ▲ 1.31% USD/GTQ 7.62 ▲ 2.07% USD/HNL 26.73 ▲ 1.38% USD/NIO 36.62 ▲ 0.63% USD/VES 722.19 ▼ 0.13% USD/PAB 1.00 — 0.00% USD/BZD 2.00 — 0.00% USD/JMD 157.59 ▲ 0.64% USD/TTD 6.75 ▲ 1.19% EUR/BRL 5.80 ▼ 0.34% BRENT 84.81 ▲ 1.81% WTI 78.99 ▲ 1.09% IRON ORE 161.91 — — COPPER 6.38 ▲ 2.42% GOLD 4,070 ▲ 1.83% SILVER 59.21 ▲ 2.73% SOY 1,192 ▼ 0.87% CORN 459.75 ▲ 5.03% WHEAT 645.00 ▲ 2.87% COFFEE 333.25 ▼ 2.39% SUGAR 14.88 ▲ 0.88% ORANGE JUICE 139.15 ▼ 2.39% COTTON 81.68 ▲ 2.32% COCOA 5,849 ▲ 2.69% BEEF 231.70 ▼ 1.29% CATTLE 349.25 ▼ 1.44% LITHIUM 71.43 ▲ 1.69% PETR4 40.78 ▲ 0.30% VALE3 73.94 ▲ 1.50% ITUB4 43.47 ▼ 0.11% BBDC4 18.61 ▼ 0.85% ABEV3 15.89 ▲ 0.38% BBAS3 20.48 ▲ 1.19% B3SA3 15.30 ▲ 1.19% WEGE3 44.23 ▼ 0.36% PRIO3 56.91 ▼ 0.51% SUZB3 41.05 ▼ 1.06% RENT3 40.27 ▲ 0.17% AZZA3 18.86 ▼ 1.87% CSAN3 3.89 ▼ 0.26% RAIZ4 0.32 ▼ 3.03% PCAR3 2.47 ▼ 4.63% GMAT3 3.95 ▲ 0.25% PSSA3 53.98 ▼ 0.11% CVCB3 1.27 ▲ 1.60% POSI3 3.94 ▼ 1.25% SLCE3 13.67 ▼ 1.44% NATU3 8.50 ▼ 1.16% BRKM5 6.66 ▼ 4.03% RANI3 8.01 ▲ 0.75% CSNA3 5.12 ▼ 2.29% CMIN3 5.23 ▼ 4.04% USIM5 8.24 ▼ 1.67% GGBR4 23.10 ▲ 1.23% ENEV3 26.90 ▲ 0.07% CPFE3 47.01 ▲ 0.36% CMIG4 11.10 ▲ 0.27% EQTL3 40.56 ▲ 0.87% LREN3 14.12 ▼ 0.21% VIVT3 35.11 ▲ 1.09% RAIL3 14.13 ▲ 0.14% KLABIN 17.34 ▼ 0.80% RAIA DROGASIL 18.39 ▲ 1.04% RDOR3 35.58 ▲ 0.06% HAPV3 10.63 ▲ 1.63% FLRY3 16.27 ▲ 0.74% SMTO3 16.11 ▼ 1.59% UGPA3 30.12 ▼ 2.62% VBBR3 32.90 ▲ 0.43% BBSE3 40.15 ▼ 0.32% BPAC11 57.89 ▲ 0.64% CURY3 32.78 ▼ 1.03% AERI3 2.09 ▲ 0.48% VIVARA 23.25 ▲ 0.61% COMPASS 25.10 ▲ 1.33% VAMOS 3.05 ▲ 0.99% SANB11 27.28 ▼ 0.33% ASAI3 8.65 ▼ 0.69% SBSP3 30.31 ▼ 0.20% WALMEX 49.46 ▼ 0.38% GMEXICO 201.60 ▲ 3.07% FEMSA 233.13 ▲ 3.45% CEMEX 22.10 ▲ 1.47% GFNORTE 186.49 ▲ 2.43% BIMBO 56.23 ▲ 0.64% TELEVISA 9.38 ▼ 2.39% AMX 22.86 ▲ 1.20% GAP 387.64 ▼ 5.03% ASUR 277.70 ▼ 0.34% OMA 234.10 ▲ 0.33% KOF 182.19 ▲ 0.28% GRUMA 282.64 ▲ 0.45% KIMBER 38.43 ▲ 0.55% SQM-B 67,600 ▲ 0.58% COPEC 6,070 ▲ 0.21% BSANTANDER 78.76 ▲ 0.72% FALABELLA 5,906 ▲ 0.02% ENELAM 85.35 ▲ 1.37% CENCOSUD 2,070 ▲ 1.47% CMPC 1,082 ▲ 0.38% BANCO CHILE 188.39 ▲ 1.83% LATAM AIR 24.51 ▼ 1.57% YPF 77,100 ▼ 0.10% GGAL 8,050 ▼ 0.37% PAMPA 5,210 ▼ 0.29% TXAR 665.00 ▲ 0.08% ALUAR 961.00 ▼ 0.36% TGS 9,680 ▲ 1.15% CEPU 2,294 ▼ 1.08% MIRGOR 16,800 ▼ 1.18% COME 45.14 ▲ 0.80% LOMA NEGRA 3,540 ▲ 1.22% BYMA 306.00 ▼ 0.73% TELECOM ARG 4,250 — 0.00% ECOPETROL 15.97 ▲ 0.54% BANCOLOMBIA 81.87 ▲ 1.80% GRUPO AVAL 4.93 ▲ 0.41% CREDICORP 391.65 ▲ 0.62% SOUTHERN COPPER 180.22 ▲ 3.26% BUENAVENTURA 30.73 ▲ 3.03% MERCADOLIBRE 1,873 ▲ 0.29% NUBANK 13.98 ▲ 2.23% XP 16.76 ▲ 2.35% PAGSEGURO 9.24 ▼ 0.48% STONE 11.21 ▲ 0.49% GLOBANT 31.79 ▼ 1.03% TECNOGLASS 43.43 ▲ 1.37% GAP AIRPORT 222.56 ▼ 4.39% ASUR 277.70 ▼ 0.34% OMA AIRPORT 107.54 ▲ 1.33% AMX ADR 26.17 ▲ 0.54% FEMSA ADR 133.90 ▲ 3.79% CEMEX ADR 12.72 ▲ 2.13% PETROBRAS ADR 17.98 ▲ 0.53% VALE ADR 14.54 ▲ 2.56% ITAU ADR 8.55 ▲ 0.97% SANTANDER BR 5.39 ▲ 0.75% AMBEV ADR 3.10 ▲ 1.31% CSN 1.01 ▼ 1.94% GERDAU 4.57 ▲ 1.67% LATAM ADR 53.43 ▲ 0.19% BTC 64,775 ▲ 4.07% ETH 1,874 ▲ 5.64% SOL 77.29 ▲ 3.24% XRP 1.11 ▲ 3.85% BNB 582.36 ▲ 2.78% ADA 0.17 ▲ 5.83% DOGE 0.08 ▲ 4.55% AVAX 6.67 ▲ 3.50% LINK 8.30 ▲ 5.45% DOT 0.86 ▲ 2.69% LTC 44.85 ▲ 3.13% BCH 239.14 ▲ 1.23% TRX 0.32 ▲ 0.26% XLM 0.19 ▲ 2.59% HBAR 0.07 ▲ 0.60% NEAR 2.04 ▲ 6.27% ATOM 1.56 ▲ 1.24% AAVE 100.09 ▲ 6.07% SELIC 14.25% EMBRAER 82.89 ▼ 0.14% EMBRAER ADR 65.27 ▲ 1.23% JBS 11.86 ▲ 0.51% JBS BDR 60.20 ▼ 0.68% MBRF3 15.97 ▲ 1.59% MBRFY 3.10 ▲ 1.64% INTER 5.67 ▲ 0.35%
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Tuesday, July 14, 2026

The Curmudgeon on Trusts and Estates

By · February 21, 2012 · 3 min read

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Opinion, by Michael Royster

RIO DE JANEIRO, BRAZIL – Liar, liar, pants on fire! Last week the Curmudgeon tilted at several windmills whirling busily around the work stoppages by police and firemen. And Lo! And Behold! The stoppages stopped, the workers worked. Carnival was salvaged in Salvador and rescued in Rio! Post hoc ergo propter hoc?

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The Curmudgeon, also known as Michael Royster.
The Curmudgeon, also known as Michael Royster.
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So, you ask, if we can’t trust the governors or the judges or the congressmen, just whom can we trust?

The first estate, i.e. clergy? Perhaps some, but quite a lot of them (think Bispo Macedo, think lots of Popes) seem to be in it mostly for the money. Quite a lot of them believe women have no rights over their own bodies, and quite a lot think that buggery is not a fit subject for the police to investigate.

The second estate, i.e. nobility? Perhaps sadly, the nobility, who used to be the governing class, haven’t had that privilege for ages, and the list of illicitudes committed by today’s nondescript nobles is long and varied.

The third estate, i.e. commoners? Now there’s a thought, workers of the world unite, you have nothing to lose but your jobs! Oh, wait! You don’t really want to work at all, do you? Your jobs are guaranteed, you can stop work anytime you want, and still be paid.
The fourth estate, i.e. journalists? The purveyors of all the news that’s NOT fit to print but brings in readers by the churlish carload (think Rupert Murdoch, think Roberto Marinho)? Oh, please!

The fifth estate, i.e. “civil society?” This term broadly includes associations of lawyers (OAB) and engineers (CREA), not to mention environmentalists and other NGO’s, even the blogosphere. In other words, people who have no actual responsibility for anything, but feel compelled to issue opinions that many of their members disagree with. Curmudgeons?

Back to trust. The Anglo-Saxon juridical system created something called a “trust.” Under a trust you, the “cestui que trust” [we didn’t make this phraseology up] deliver ownership of your property to a “trustee,” so that you are no longer the titular (official) owner, you are “only” the beneficial owner. U.S. banks are great fans of trusts, most call themselves the “Something National Bank and Trust Co.”

Brazil, unsurprisingly, does not have the legal concept of a trust, despite determined efforts by international bankers to impose it. The reason is quite straightforward—Brazilians simply do not trust anybody at all, not their family and (most certainly) not their bankers, to hold their property in benefit for them. What Brazil and other civil law jurisdictions have is the mirror image of a trust, called “usufruct.” The owner retains title, and doesn’t have to trust anybody. This is largely because in Brazil the rule of law is only occasionally honored. The key phrase here is: “for my friends, everything, for my enemies, the law!”

So, if you want to know whom you can trust, the only really good answer is: yourself. Listen to all five estates: clergy, nobility, commoners, journalists and civil society NGO’s, but make up your own mind, remembering always Dooley’s Law: “Trust everybody… But cut the cards!”

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Michael Royster, aka THE CURMUDGEON first saw Rio forty-plus years ago, moved here thirty-plus years ago, still loves it, notwithstanding being a charter member of the most persecuted minority in (North) America today, the WASPs (google it!)(get over it!)

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