[Your Name] [Your Address] [City, State, Zip Code] [Email Address] [Phone Number] [Date] [Recipient's Name] [Recipient's Address] [City, State, Zip Code] Subject: Closure of Estate without Distribution — [Estate Name— - [Estate Docket/Case Number] Dear [Recipient's Name], I hope this letter finds you in good health. I am writing to officially request the closure of the estate for the above-mentioned case, which is now ready for final settlement. As the personal representative of the estate, I have diligently fulfilled my duties and responsibilities in accordance with the laws of Puerto Rico. As per the requirements outlined in the Puerto Rico Probate Code, I have thoroughly reviewed the assets, liabilities, and claims associated with the estate. Upon meticulous examination, it has been determined that the estate has no remaining assets for distribution. Therefore, I hereby request the closure of the estate without distribution, as permitted by Section [Applicable Section Number] of the Puerto Rico Probate Code. To ensure a seamless closing process, enclosed with this letter are the following documents: 1. Final Inventory: This document provides a comprehensive listing of all assets, including real estate, bank accounts, investments, personal property, and any other relevant holdings owned by the decedent at the time of their passing. 2. Detailed Accounting: These accounting outline all estate-related expenses, debts, and claims paid during the administration period. It also includes any income received by the estate and the disbursements made for administrative purposes. 3. Statement of No Distribution: This document attests to the fact that there are no assets remaining for distribution among the heirs or beneficiaries. It includes a statement affirming that all necessary steps have been taken to identify and settle any outstanding debts and claims against the estate. 4. Waiver of Notice and Consent: Enclosed is a signed waiver of notice and consent, obtained from all interested parties, acknowledging their agreement to close the estate without distribution. 5. Death Certificate: A certified copy of the decedent's death certificate is included to verify their passing. Kindly review these documents and ensure that they comply with the pertinent regulations set forth in the Puerto Rico Probate Code. Should you notice any discrepancies or require additional supporting documentation, please inform me promptly to rectify the matter. Once you have verified the provided materials, I kindly request that you issue the necessary court order to officially close the estate without distribution. Additionally, I request that you provide a certified copy of the closure order as proof of the estate's termination. I would like to express my sincere gratitude for your assistance and guidance throughout the probate process. Your expertise and professional support have been invaluable. If there are any additional requirements or procedures that need to be followed for the successful closure of this estate, please inform me accordingly. Please feel free to contact me at [Your Phone Number] or [Your Email Address] if you require any further information or have any questions regarding this matter. Thank you for your prompt attention to this request. I look forward to receiving the closure order, thereby concluding the administration of the [Estate Name]. Yours sincerely, [Your Name]
Puerto Rico Sample Letter for Closing of Estate with no Distribution
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FAQ
In the absence of a will (intestate estate), estate is distributed equally among forced heirs. The portion reserved for forced heirs in a will is reduced to 50%. In the absence of a will, estate is still distributed equally among forced heirs.
No, the IRS does not impose taxes on foreign inheritance or gifts if the recipient is a U.S. citizen or resident alien. However, you may need to pay taxes on your inheritance depending on your state's tax laws.
With the distribution of all assets, the executor is said to have ?closed the estate.? But, the executor still retains the power to gather newly discovered assets and address future complaints.
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.
A will, or a last will and testament, is a legal document that describes how you would like your property and other assets to be distributed after your death.
First order were descendants, second ascendants and in the absence of both, surviving spouse was the heir. Surviving spouse is a forced heir. The Code adds the surviving spouse to the first order of succession as forced heir.
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.
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).
