Description

• The Inheritance Estate Form ("Form de Herencia") is a form filed with the Puerto Rico Treasury Department to report the assets of a deceased person.
• Includes property, bank accounts, vehicles, and debts such as mortgages or credit cards.
• It is necessary to obtain the "Waiver from the IRS," which allows the transfer of assets to heirs.

Contribution Payable

• Most estates are exempt from inheritance tax, depending on the total value and year of death.

Importance of the Form

• Necessary to transfer funds, property and vehicles to heirs, except when the value is less than $15,000.
• It is required to transfer real estate in the Property Registry and update the owners in the CRIM.
• Banking institutions can release up to 10% of the funds to cover funeral expenses before receiving the Waiver from the Treasury.

Who can submit the Form?

• It can be filed by an attorney, an accountant, or the heirs.
• It is recommended to hire a professional to avoid errors and delays.

Necessary Documents

• Death Certificate.
• Resolution of the Declaration of Heirs (if there is no will).
• Certifications of fund balance in financial institutions.
• Certifications of absence of debts with the CRIM.

Outstanding Debts with the Internal Revenue Service or CRIM

• Although it is possible to submit the Form with outstanding debts, it is not recommended.
• The Internal Revenue Service may issue a "Waiver Conditional" in exceptional cases, which implies additional procedures and costs.

Where is it presented?

• It is filed electronically through SURI, the Puerto Rico Treasury Department's system.
• It is recommended that it be prepared by an attorney or accountant due to the complexity of inheritance cases. Otherwise, this can cause problems later that will take time and money to correct.

Submission Deadline

• It must be submitted within 9 months after death to avoid possible fines or penalties, even if this is not the custom of the IRS.

Processing Time

• The IRS may take several weeks to process Form.
• Accurate preparation of Form avoids delays and additional costs.

Costs

• Prices: Vary on a case-by-case basis and are charged on a flat fee, not an hourly basis. Clients know the total cost in advance.
• Online Processing: Being an online law firm, we work all the preparation through e-mail. Clients outside Puerto Rico avoid travel and lodging expenses.

Conclusion

• At Abogado Notario Online, we offer complete inheritance services, managing the Form along with the entire inheritance transfer process.