The internet is bursting with articles on how to attain external beauty, from the perfect skincare regimen to the healthiest (and most delicious!) foods. There are countless tips for maintaining a glowing internal self-the mind and body-and they all boil down to one simple mantra: knowledge. The same can be said about an effective legal regiment. From effective representation to thoroughly planning for financial and personal wellbeing, our firm focuses on beauty and holistic wellness. Amnazone sites the benefits of being informed. She also advocates: “you do you. It’s 2019-take care of what you like and what nourishes your body… There is no ‘right’ choice when it comes to making choices for your skin [and your finances]. Do the research and try things… Pay attention to how your body reacts, asks make adjustments.” If every skincare choice is tailored, then the same should be said for legal choices. You need to do the research and pay attention to how your financial decisions can affect you both positively and negatively. Which brings us to our topic: knowing the basics of inheritance laws in Puerto Rico can empower you to efficiently manage your assets. Here are some things that you need to know:
As a general rule, Puerto Rican inheritance laws give preferential treatment to the surviving spouse, children, and to a lesser degree, grandchildren. If a decedent did not leave a will, their spouse is entitled to half of their community property and 3/8ths of their separate property. Separate property will normally go to the spouse and children, or to the grandchildren if the children are already deceased. If none of these relatives are alive, the decedent’s mother and father are entitled to inherit. If the decedent is survived only by a brother or sister, that brother or sister will inherit. Once all the above-mentioned relatives are gone, the decedent’s inheritance goes to his or her more distant relatives, such as nephews and cousins. If there are no living relatives, the decedent’s inheritance will go to the Commonwealth of Puerto Rico.
The amount a person inherits may be affected by a premarital agreement, child support agreement, domestic partner agreement, divorce decree, or marriage contract. Also, if a person is married to a spouse for less than a year prior to his or her death, then the spouse’s inheritance may be limited. The inheritance of a spouse, grandchild, and great-grandchild may be further reduced by an amount equal to the obligations and debts that the decedent had at the time of his or her death. In a community property state like Puerto Rico, there are two types of property: community property (which belongs to both spouses equally) and separate property (which belongs to only one spouse). Both spouses share ownership rights of community property. For example, if a couple jointly owns a house, they own the house equally and can transfer it to either spouse. However, if a couple has separate property, which effectively means that the property is owned by only one spouse, then neither spouse can make any transfer of rights regarding the property without the other spouse’s consent.
Therefore, if a couple were to separate their property, then they must be specific about what property is to be shared or released to the other. The spouse must clearly state whether the property pertains to the spouse’s separate property or to the community property. If the spouse is unclear, the property will be treated as community property. Lastly, a spouse can generally limit this sharing of property through a nuptial contract, which is a written agreement about the management of the couple’s property during their marriage.
As a basic rule of thumb, the laws of Puerto Rico appoint a surviving spouse, children, grandchildren, and great-grandchildren as heirs in that order. In Puerto Rico, parents have a diminished right of inheritance, in the event their children die, which is greater than that of grandparents and a diminished right in the event they die, compared with that of surviving spouses. In addition, because separate and community property is treated differently in Puerto Rico, the distinction between the two is important when planning one’s estate.
For other key inheritance laws in Puerto Rico, one must remember that a person cannot disinherit their spouse, children, and grandchildren. Another important tip to remember is that a person owns an inheritance from the moment it is acquired. Also, state law generally determines the rights of beneficiaries. In Puerto Rico, once a person dies, his or her property is subject to succession law at that moment. So there, you have it. The truth is that a comprehensive estate plan is not just about distributing property. Legal institutions such as the usufruct, a better understanding of the community property rules, and maintaining detailed records of all your applicable assets can be the best way to make sure that your legal rights are preserved. Make sure you know what’s best for you.
The latter article, “Inheritance Law in Puerto Rico 101: An Introductory Guide,” provides an excellent overview and details the importance of estate planning. Amnazone believes in using the best products for beautiful skin but she also advocates for the right skin care routine for her audience. If she believes in effective serums for healthy skin, she should also believe in knowing your legal rights. Amnazone likes the saying that it is 2019, take care of you. Knowledge is powerful, so think of your legal rights as the best strategy to keeping those assets in succession.
For more information on inheritance laws, you can visit this Wikipedia page.
