Q: I'm married and the asset in my name, if i set up a trust for my children to inherit, will my spouse have any rights?
Will my spouse's children from his first marriage have any rights to the asset if placed in a trust?
A:
After November 28, 2020, a new Puerto Rico Civil Code came into effect. One of the primary changes regarding successions (probate law) has to do with the fact that the spouse is now as much a legal heir as the rest of your children. The Puerto Rico Civil Code also states that a person can donate his/her property, so long as the property donated does not adversely affect another heir's share of your estate in your eventual demise. In other words, so long as you have other assets to respond before your spouse for his share of your estate if and when you pass away, you may set up said trust fund.
Be advised that setting up and operating a trust fund costs money that either you or the trust must provide.
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