On November 28, 2020, a new Civil Code entered into effect in Puerto Rico. This code changed the estate planning laws completely. From that moment on, in Puerto Rico, we have significant changes in the estate planning areas. One of the most important is the newly designated rights the widowed receives as a compulsory heir over the complete portion of the deceased legal partner (regardless of the existence of Pre Nups/ Private ownerships).
Another big change introduced with the New Civil Code 2020, is the way a person can divide their estate thru the legal authorization of a Last Will deed in Puerto Rico.
Thru a Will, you can divide your estate in two halves (50/50). One 50% is for your compulsory heirs (that depends on your circumstances) and the other 50% can be divided freely to whoever you want. No limits.
Granting a will reduces obstacles in the process of determining heirs and the distribution of assets. The will establishes who the heirs are, so it makes it unnecessary to go to court to identify them or go to a notary to request a heir declaration.
Last Will’s provides certainty to the heirs that a document exists, expressing the last wishes of the deceased. The latter can not only dispose of the distribution of assets but can also include non-monetary dispositions such as those related to funerary arrangements.
It is important to know, last will’s need to comply with the Puerto Rico local laws in order to be valid in this jurisdiction. This is because, all properties located in Puerto Rico are ruled by the local rules. So if you are thinking of granting your last will, make sure to grant it thru an authorized attorney and notary public in Puerto Rico, that can correctly asses your last wishes.
Preparation and specialized assessments is essential for a successful estate planning. In Ramirez Legal Studio, as estate planning attorneys and notary public, we can help you design and plan ahead the inevitable.
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