Puerto Rico Complex Will - Income Trust for Spouse
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FAQ
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).
As long as the person disclaiming the asset is not the beneficiary, the Disclaimer Trust can be for any beneficiary. The one exception is that a surviving spouse can disclaim assets and then benefit from a trust into which the disclaimed assets pour.
A marital disclaimer trust has provisions (usually contained in a will) that allow a surviving spouse to leave assets in a trust for the benefit of their spouse by disclaiming ownership of a portion of the estate that the survivor would have inherited after the death of the first spouse.
Disadvantages. Surviving Spouse's Decision: The effectiveness of a Disclaimer Trust relies on the surviving spouse's decision to disclaim their inheritance. If the surviving spouse chooses not to disclaim their inheritance, the potential tax and asset protection benefits of the Disclaimer Trust may not be realized.
Many couples want to leave all trust property to the survivor. If you choose that option, we'll insert your spouse or partner's name (entered earlier) as beneficiary of all your trust property.
'Express trusts have been a part of the law of Puerto Rico since enactment of §§ 1-41 of the Act of April 23, 1928, No. 41, page 294.
Each spouse's Will leaves their estate to the surviving spouse. In addition, it directs that if the surviving spouse were to disclaim any assets, then those assets found can be used to fund a Disclaimer Trust.
A disclaimer trust is a type of trust that contains embedded provisions, usually included in a will, allowing a surviving spouse to put specific assets under the trust by disclaiming ownership of a portion of the estate. Disclaimed property interests are then transferred to the trust, without being taxed.