Q: What is the best way to leave property and unsegregated land to desired heirs? Are there any processes that do not
require a declaration of heirs? As an example, can the land be donated prior to death? If donation or a Will is processed, will it still require a declaration of heirs process? when is deciding to submit a donation or Will a good idea? Does it make the overall process easier for the heirs? If no donation or will, how much easier or harder is the process to claim inhertance? Lastly, if donating, how do you determine the value of the home and land?
A:
The most control that you have over leaving real estate property, before death, is by donation; after death, conditional to your having left a will before your passing. If you leave a will, the declaration of heirs will not be necessary. Whether to transfer the property via donation or by way of a will may be influenced by tax considerations: there is no inheritance tax in Puerto Rico. However, receiving property through a donation may impact taxes for the receivers.
If you leave a will, you can dispose of 50% of your estate (the free disposition half) to anyone you choose. The remaining (legitimate) half must be equally distributed among your heirs: spouse and children. If no will is left, then a declaration of heirs is required upon your passing, and the entire estate would be distributed equally among your heirs.
If you transfer property by way of a donation, the value of said donation must be brought back to the computation of your estate upon your passing, if said donation was executed at any time during the final decade of your life.
The best way to determine the fair market value of the real estate property prior to donating it would be to have it appraised.
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