Estate Management

As a legal term, estate refers to the totlity of an individual’s personal belongings, including among others, real property and intangible assets, corporate interests, patents, copyrights. The unpaid taxes and any debts or taxes are part of the estate and need to be paid before any partition. A Will may also have legados or bequests that have to be paid before any partition of the estate. Therefore, it is not surprising that estate law governs a broad range of legal matters, including many things related to an individual’s real property and its related financial aspects.

One final important issue that individuals should be aware of regarding estate law is that it typically overlaps with the laws which govern Wills, trusts, and rules which govern estate planning. Because of the wide range of topics included, it is important for an individual to consult with an experienced estate lawyer in the state, in this case in Puerto Rico, if they have any questions or concerns regarding inheritance issues. CONTACT US

Puerto Rico Lawyers Estate lawyers can help you through the process of estate management. Sometimes a decedent leaves interests in a corporation and partnership that are part of the estate and need to be resolved. Other times you need to prepare the properties for selling and then partition the funds among the heirs. We can help you with property management. Please CONTACT US to assist you with any further questions you may have. Puerto Rico Lawyers will provide you the best tools to help you manage your living estate or how to plan for your future through the creation of your Will.

Perhaps at this point you might be wondering if Probate Law and Inheritance Law are the same.

At Puerto Rico Lawyers, we use the terms interchangeable to facilitate your understanding. But there are subtle differences in the terms. In the mainland, when a person dies with property, usually the most common way to dispose of the assets is going to Probate Court. In many state jurisdictions you can pass an inheritance to the heirs using a trust, and in some instances, owning property in joint tenancy or including beneficiaries in your bank or investment accounts. Probate Law then rules how the court assesses your debts, distributes the assets to your heirs, and appoints a personal representative. In many jurisdictions, it applies both if there is a Will or not.

In Puerto Rico it is different. Your estate includes all of your assets. The Civil Code spells out who are your heirs. Different to many mainland jurisdictions, in Puerto Rico your children (descendents), your parents (ascendents), your spouse, and even your siblings, nieces and nephews, and cousins might be entitled to inherit by law. A Will must follow these legal provisions to be valid. Often a Will executed in a state doesn’t follow the Puerto Rico law; therefore, you have to go to court with a Petition of Declaration of Heirs (Declaratoria de Herederos).

In Puerto Rico, if a person dies with a “valid” Will, that is, a Will that complies with all the legal rules, the heirs do not have to go to court to probate it. A Notary, who is a highly specialized attorney in Puerto Rico, will proceed with the inheritance partition. That represents a big difference. Puerto Rico Lawyers notaries will assist you in the process of Partition, which is quite formal and technical in its details. You need an expert person with the experience in dividing the estate assets and at the same time who can deal with the individual needs of the client. This is the stage when being sensitive about family and community values becomes crucial. The Puerto Rico Lawyers team takes into consideration the emotional toll that losing a dear person entails, and at the same time will divide the inheritance following the rule of law with assertiveness and diligence.