[Your Name] [Your Address] [City, State, ZIP Code] [Email Address] [Phone Number] [Date] [Probate Court] [Address] [City, State, ZIP Code] Re: Revised Petition to Close Estate and For Other Relief Case No: [Case Number] Dear Honorable [Judge's Name], I hope this letter finds you in good health and high spirits. I am writing to bring to your attention the revised petition to close the estate of my late [Relative's Name], which was initially filed on [Initial Filing Date]. I kindly request your consideration of this revised petition and the relief sought herein. The purpose of this revised petition is to provide updated information regarding the estate's assets, debts, and beneficiaries since the original petition was submitted. This updated documentation will ensure an accurate representation of the current state of the estate and facilitate prompt and efficient distribution of assets to rightful beneficiaries. Key Details of the Revised Petition: 1. Inventory and Valuation of Assets: The revised petition includes an updated inventory and valuation of all assets within the estate. These assets include but are not limited to real estate properties, vehicles, bank accounts, investments, personal belongings, and any other relevant properties. Each asset has been appraised by certified professionals to ascertain their fair market value as of the date of the revised petition. 2. Debts and Liabilities: A comprehensive list of all debts, obligations, and liabilities associated with the estate has been provided. This includes outstanding loans, mortgages, credit card debts, taxes, and any other financial obligations that may impact the estate's distribution. Any pending claims or legal proceedings involving the estate are also disclosed in detail. 3. Beneficiaries and Heirs: The revised petition includes an updated list of all beneficiaries and heirs entitled to a share of the estate. The relationship between each beneficiary and the deceased has been clearly outlined, along with appropriate documentation proving their entitlement in cases where legal requirements exist. 4. Distribution Plan: A proposed distribution plan has been prepared based on the provisions of the decedent's will, if applicable, or the applicable laws of inheritance in Puerto Rico. The distribution plan outlines how the assets, after necessary expenses and debts, will be distributed among the beneficiaries in accordance with applicable legal requirements and the deceased's wishes, if expressed. This plan ensures fair and impartial distribution of assets and minimizes the possibility of any future disputes or conflicts. In addition to the revised petition, I have enclosed all supporting documents, such as updated asset appraisals, beneficiary information, legal declarations, and any other relevant paperwork required by the court. I kindly request a hearing date to present the revised petition and provide any further information or clarification necessary for its approval. I assure you that all documents provided have been prepared carefully in accordance with the legal requirements of Puerto Rico. Should you require any further information or documentation, please do not hesitate to contact me at [Phone Number] or via email at [Email Address]. I am readily available to provide any additional details necessary to facilitate the processing of this petition. Thank you for your attention to this matter and your continued commitment to the administration of justice. Your swift consideration of this revised petition will be deeply appreciated. Yours respectfully, [Your Name]
Puerto Rico Sample Letter regarding Revised Petition to Close Estate and For Other Relief
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Property That May Avoid Probate Property held in a trust3 Jointly held property (but not common property) Death benefits from insurance policies (unless payable to the estate)4 Property given away before you die. Assets in a pay-on-death account. Retirement accounts with a named beneficiary.
As of November 28, 2020, inheritances are distributed in two parts. 50% is of free disposition and the other half (legitimate) is divided equally among the forced heirs, which are the children and now include the widow or widower.
10 tips to avoid probate Give away property. Establish joint ownership for real estate. Joint ownership for other property. Pay-on-death financial accounts. Transfer-on-death securities. Transfer on death for motor vehicles. Transfer on death for real estate. Living trusts.
One of the most common ways to avoid probate is to create a living trust. Through a living trust, the person writing the trust (grantor) must "fund the trust" by putting the assets they choose into it. The grantor retains control over the trust's property until their death or incapacitation.
All real estate in Puerto Rico is subject to the probate system. This system is based on a "forced heir" policy, that states that all children need to receive from the decedent (the person that died).
In general, probate is the judicial procedure by which an estate is opened, administered, divided and closed. In Puerto Rico, this procedure is needed to validate a will in order to distribute, or when a will fails for lack of requirements under the law, or when there is no will.
