- Thread starter JD Jones
- Start date
Where there's a Will, there's a way..
I have a will here in the DR for assets in the DR and have designated beneficiaries for assets in the US. Designated beneficiaries supercede any will that might exist. I think if you only have a will in the US for assets here, it will still have to undergo the DR probate process(?). That could take years. That's why many expats put property here in an S.R.L. Can't remember exactly, but I think the DR will cost around $100 USD.
Not that this is directly to the latest questions above but when creating a will (at least in the US), one thing a probate lawyer advised me on was what and whom you don't want to receive anything is just as important as listing who do you. In most countries there's default succession laws on inheritances if your intent is unclear so for example, if you have an adult nephew or niece (or other blood-connected relative) whom you want to specifically leave out, make sure to mention it in the will. Don't leave it to chance where it might crumble under a court appeal. Specifically state in the Will, "I purposely leave none of my assets to so-and-so because... then fill in the reason, e.g they are addicted to drugs and will spend the money to further their addiction or we never had a close relationship and were only interested in me for my money etc. or whatever the case may be. Of course, there are some cases (usually spouse or direct children) where the law may specifically not allow this but as mentioned a few posts above, once you're gone, so is your chance to clarify your intentions and the thought of inheriting money can make people come out of the woodwork and make up all sorts of stories which may sound very believable. Make it clear enough that a judge in the future who knows nothing about you, your life or what you might have wanted, can discern your wishes solely by what he reads in your Will.
Why would you need to have the will notarised in the US if it's a Dominican will? I just had a new one done here since my circumstances have changed This is in addition to the will I have for my UK assets.
The one I had here had to be witnessed by two people with Dominican cedulas. I hate to say it (Windeguy) but most people I know here don't have cedulas or are pretty likely to die before me. So I had my lawyer and another Dominican do it. The document was written and then signed by us all before it was notarised. It was then lodged in the appropriate office in Puerto Plata and I got the notarisation document.
By the way, this all cost considerably more than the people earlier in the thread paid. As I am now thinking I may well have been ripped off, I don't wish to say how much!
I might have underestimated the cost, but it wasn't exorbitantly high - maybe $200 max(?) The lawyer and an associate lawyer in the office witnessed mine, too.
The reason I believe it needs to be notarized in the USA is because I'm American and all my assets are in the USA.
I've been thinking about making a will, and I too have all my assets in the USA. I've looked a bit at this website, haven't gotten too far into it yet, but may be worth a look for you too. Maybe you don't need a notary? https://www.freewill.com/faq
In the US make a living trust, because the purpose of leaving assets is to help someone and wills can be tied up for years
A tip to save on taxes: If you have a property that you plan on leaving to someone ___add that person's name to the title as " POD" (Payable on Death). That property then becomes"outside of the will" and not subject to probate.. In addition, the new cost basis of the property for capital gains concern is the date the second party receives the property.
Clarifying a bit, in the US, the pod (payable on death) or pud (payable upon death) mechanism is not available for real property. The only way that I am aware of to transfer property on death is via a Will, Trust, or by deed granting the property to someone and reserving a life estate for yourself. But your cost basis for taxes is completely different. If you grant the property via a Will, while it does not avoid Probate, the beneficiary will get the cost basis value for taxes as of the date of death of the grantor……date of death valuation is also available to a properly structured Trust.
A life estate transfer does not get a stepped up basis and thus your taxes owed would be based on the price paid by the person granting you the life estate.
Note also that while a pod or pud account can be utilized in banking and other situations, there are also potential inheritance taxes to the beneficiary and potential estate taxes to the decedent.
Respectfully,
Playacaribe2
You may have other options. The Embassy, as well as the consulate in Punta Cana offer notary services. You have to make an appointment on line The charge used to be $50, I'm not sure if it has gone up. Another option may be a virtual notary if your home state accepts it. There are only a handful of states that don't, so you may be in luck.
I don't see why you would have to get a US notary(?). Legally valid contracts are recognized in the US. A marriage certificate is a good example. In the end, it might have to be apostillized before being accepted(?). If the will conflicts with US inheritance laws, the US laws might prevail.
Members on DR1 should be very careful on the subject of wills ,transfers and probate since this can be complicated. Some of the complications include: State laws, when there is probation, where was there proper notarization, the use of a beneficiary deed, recent changes in state law.
It's complicated and can cost money to be done properly.As you can see from PC's post be careful of what you are "giving" the beneficiary.
Note to Nan: We discussed notary when I mailed the letter for you.
For US expats;
Yes to the above and also to not leave an international mess to be sorted out by any representative of your estate or trust, make your will or trust in the jurisdiction where you hold any US real estate, or if you have no US real estate then your state of prior residence or if you still file US taxes then the state from which you file.
From personal experiences with other clients, I would not rely solely on a Will made in the DR under Dominican law.
Respectfully,
Playacaribe2