I hope you are doing great!
I leave you with this transcript on this very important subject!
Hello and welcome to Puerto Rico legal blog. My name is Santiago Lampón, a real estate lawyer and notary in Puerto Rico. Puerto Rico forced heirs law. You’ve probably seen a couple, of my videos on the subject and I could probably do tens of videos more about what Puerto Rico forced heirs law has to do with assets that are located in Puerto Rico but that belong to individuals who do not reside in Puerto Rico. That is the first thing that you have to have in mind. If you are a resident of Puerto Rico, if you have made Puerto Rico your primary residence compared to anywhere else in the world, you have to, you better, it is highly recommendable that you become familiarized with Puerto Rico forced heirs law.
Now it is a little complicated but it is not impossible to manage. It is actually completely manageable once you know what it implies, what is involved and how you have to work with it. The other thing that you must know and it is number 2 in the list of importance, is that assets that are not located in Puerto Rico are not necessarily subject to Puerto Rico forced heirs law. There is a difference. Location, location, location in real estate, location, location. location in regards to application of law to assets, particularly fixed assets.
The other thing is movable assets, well, where are they? Are they in Puerto Rico? Are they outside of Puerto Rico? The thing is that people who have made Puerto Rico their residence in comparison to people who are not permanent residents of Puerto Rico or should I just say residents of Puerto Rico should understand that there is a significant difference between having assets in Puerto Rico and not having assets in Puerto Rico and the application of Puerto Rico forced heirs law to the non-application of Puerto Rico forced heirs law. For example, recently and frequently I work with people who are not residents of Puerto Rico, who have assets outside of Puerto Rico, who do their state planning outside of Puerto Rico, but they have to include in that state planning the assets from Puerto Rico. I work together with a lawyer to make sure that everything is where it supposed to be, the way that it is supposed to be, and the number one resource you have is knowledge, if you know then you can control it. If you don’t know, then you are going to feel wobbly, shaky and concerned and worried. You don’t need to, just find the right information, apply to your situation and you will come out aware. Again my name is Santiago Lampón, a real estate lawyer in Puerto Rico. I am also a notary which means I also work with will and state so please if you have a question send me an email, give me a phone call and you are always invited to watch my videos or read my articles and I just hope you have a great day.