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Puerto Rico Banking Questions & Answers
1 Answer | Asked in Estate Planning, Banking and Probate for Puerto Rico on
Q: My Dad gave his sister authorization in his bank account. The day after my Dad passed my aunt took money from his acct.

All the arrangements had been prepaid by him and my sisters and I paid for the remaining items. After obtaining the Declaration of Heirs, we found out about the money withdrawn by my aunt when the money was not hers. I spoke to the bank and they said she was authorized on the account and had the... View More

Rafael  Pagan-Colon
Rafael Pagan-Colon
answered on Dec 18, 2023

Except that your aunt had a legitimate reason for taking the money out of the account (for which she'd need to present receipts), your late dad's estate is owner of those moneys until the probate processes are completed. Either by your father having left a will or going through the Puerto... View More

1 Answer | Asked in Banking, Estate Planning and Probate for Puerto Rico on
Q: My grandfather passed away in Puerto Rico and left money in a account. How does does 1 child become sole beneficiary?

Moving this over somewhere else. Sorry

Howard E. Knispel
Howard E. Knispel
answered on Aug 16, 2022

This is not a Family Law question and is not in New York. This should be posted in the estates catagory and in Puerto Rico.

1 Answer | Asked in Banking, Civil Litigation and Contracts for Puerto Rico on
Q: How can I close my dad’s bank account and used money to pay off his funeral expenses?

My dad passed away 2 years ago in TN but he had his bank account and house in PR. He has a bank account in PR which I was authorized to used and I had power of attorney from PR while he was alive. I paid for his funeral even though he has 7 children. After paying via loans my half siblings (4) do... View More

Rafael  Pagan-Colon
Rafael Pagan-Colon
answered on Oct 11, 2021

First off, you would need your dad's death certificate. If he granted his last will & testament, a certified copy of the will must also be provided. In the absence of a will, a petition should be filed with the Puerto Rico courts (depending on the city where the house is located) to... View More

1 Answer | Asked in Banking, Estate Planning and Probate for Puerto Rico on
Q: I am a legal resident in P Rico. If I die, will the bank in US block my account there or my son can take some $$ asap?

When a puertorican or legal resident in Puerto Rico dies in Puerto Rico, are all US territories, banks in the US, notified or only Puerto Rico and banks in Puerto Rico?

If only banks in Puerto Rico are notified, does that mean my son can use my debit card from an account in a US bank and... View More

Nelson Jose Francisco Alvarez-Aponte
Nelson Jose Francisco Alvarez-Aponte
answered on Aug 25, 2020

Hello and thank you for using Justia. The death of the holder is usually informed to the banks by third parties. There is no system of notificatión in Puerto Rico. Your son will be able to use your card as long as the Bank has not found out of the death. Your best bet is to make a Testament and... View More

1 Answer | Asked in Banking, Business Law, Consumer Law and Contracts for Puerto Rico on
Q: Whats the scoop on transferring auto loans in Puerto Rico, Affidavit vs no affadavit, How does it work on both sides?

I'd like to get a vehicle on the island and I understand the traditional methods of leasing and financing but i'm not familiar with the loan transfer process and can't find any relevant info via the web so far. I need a used vehicle but due to current circumstances, i'm unsure... View More

Nelson Jose Francisco Alvarez-Aponte
Nelson Jose Francisco Alvarez-Aponte
answered on May 13, 2020

Hello and thank you for using Justia. You will not find any laws since it is ilegal to transfer an account without the lender's authorization. There are many instances that have occured where the vehicle is sold to a third party but the title and loan continue in the name that appears on the... View More

1 Answer | Asked in Banking for Puerto Rico on
Q: My grandfather has a joint Banco popular account with my mother she has passed. Now its frozen for 2 years please help

My sister was head of my mother's estate and knowing that account wasn't my mother's she informed the bank about my mother's death. She never listed the account in probate court and never helped get the account reopened it's been closed now for 2 years now and my... View More

Bruce Alexander Minnick
Bruce Alexander Minnick
answered on Jun 20, 2019

Unless someone does something before your grandfather passes Banco Popular will win. If they have not been doing it already, Banco Popular will start service charging the account each month, draining off as much money as possible before the government of Puerto Rico requires them to turn over... View More

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