Good Afternoon, About how much should a will for a foreigner with residency cost? The assets are a fully furnished apartment, two cars, certificate of deposit, checking account with five adult children who do not live here but two are dual US DR citizens. Mas o Meno??
- Thread starter SantiagueroRD
- Start date
How much does a Will cost?
From my understanding Dominican law governs inheritance and having a written will does not change the law. If you look in past posts there are a lot that discuss your question. Only way to get around Dom law is to put your real estate into a corporation.
interesting Theme.
I thought that your Dominican Children will anyways get their Portion of Your assests in the DR, independend of any foreign Country made Will that would state different.
Mike
I thought that your Dominican Children will anyways get their Portion of Your assests in the DR, independend of any foreign Country made Will that would state different.
Mike
A simple will cost you about $200-250.
Wills in the Dominican Republic are good for: (a) if you don't want to leave everything to your children (you can dispose freely of a portion of your estate), (b) if you want to leave one or several of your children a bigger portion of the estate than to the other children (in effect giving the disposable portion to these "favorites", (c) if you don't want your moveable assets (cash, stocks, bonds, etc.) to be included after your death in your children's community assets, (d) for funeral arrangements, etc.
Wills in the Dominican Republic are good for: (a) if you don't want to leave everything to your children (you can dispose freely of a portion of your estate), (b) if you want to leave one or several of your children a bigger portion of the estate than to the other children (in effect giving the disposable portion to these "favorites", (c) if you don't want your moveable assets (cash, stocks, bonds, etc.) to be included after your death in your children's community assets, (d) for funeral arrangements, etc.
My dad recently passed away, no will lots of legal problems I could go on and on. As a result, a friend of mine was looking online if there is the possibility of putting the properties in a trust. It protects all the assets from transfer taxes and creditors in case you have any debt. It's called fideicomiso in DR and is so new not many lawyers know about it.
Another solution will be passing the assets to your kids while you are alive.
Hope it helps.
Another solution will be passing the assets to your kids while you are alive.
Hope it helps.