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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).
If the deceased person did not prepare a WillIf the deceased person did not prepare a Will, it will be necessary to submit to the court a petition for a Declaration of Heirs. In this petition it will be stated under oath that the heirs are the persons included ing to the order established by law.
¿Who inherits when there is no will? The surviving spouse is first in the order of succession and at the same level as the children (descendants). If the previous group does not exist (spouse and children), the inheritance will be granted to the parents (ascendants).
Adverse possession: Articles 786 and 788 reduced the period of time necessary to acquire personal and real property through adverse possession. The acquisition of personal property through adverse possession now requires at least 2 years of possession in good faith or at least 4 years of possession without good faith.
The new civil code establishes that, if there is no valid will, the order of inheritance is as follows: The surviving spouse is first in the order of succession and at the same level as the children (descendants).
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.
Notary Law is very important because unlike many places in the U.S., Puerto Rico uses notary attorneys to execute all deeds that transfer property. All public documents, affidavit, and sworn statements must be drafted by and signed by a notary attorney.
The Puerto Rico Conservation Easements Law, Act No. 183 of December 27, 2001, was created to achieve collaboration between the private sector, non-pro t organizations and the Government, in order to foster the conservation of areas of natural, cultural or agricultural value by establishing conservation easements.