If your have any asset duly registered according the nature of each asset, and they are under the name of a Foundation of private interest, they do not have to through a Succession process in the Civil Courts in Panama. You must established how the transfer of your assets will proceed according to your will in the By-Laws of the Foundation. Also you can open a bank account under the foundation´s name. If your car, for example, is not under the foundation´s name at the time of your demise, your heir will have to start a succession process, only for that car. The foundation of private interest, well used and understood, is a great entity for the protection of your patrimony, estate planning, hereditary succession.
The whole point of having a Foundation is that nothing has to go thru probate, which can take years. Like having a "trust" in the US. Talk to a lawyer for details.
Robert > Lynne Van der KarAugust 18, 2019 at 1:02pm
A lawyer is saying the Foundation has to go through probate because " of the property house, car etc". I think he is full of it. He is also saying that bank accounts in the Foundation do not have to go through probate. Trying to find out if the law has changed.
Yes, your lawyer is full of it. I'd find another one to confirm. I am not giving legal advice or recommendations. My property is in a Foundation for smooth transfer to my beneficiary. Not my car or bank accounts. You can sign over the ownership of the car separately. Go to your bank and tell them you want to declare someone as beneficiary upon your death. Global did it for free and Multibank charged me money to do it.
Timmie > Lynne Van der KarAugust 21, 2019 at 5:55am
How do you sign the car over? I have talked with several attorneys and no one knows.
Replies
If your have any asset duly registered according the nature of each asset, and they are under the name of a Foundation of private interest, they do not have to through a Succession process in the Civil Courts in Panama. You must established how the transfer of your assets will proceed according to your will in the By-Laws of the Foundation. Also you can open a bank account under the foundation´s name. If your car, for example, is not under the foundation´s name at the time of your demise, your heir will have to start a succession process, only for that car. The foundation of private interest, well used and understood, is a great entity for the protection of your patrimony, estate planning, hereditary succession.
The whole point of having a Foundation is that nothing has to go thru probate, which can take years. Like having a "trust" in the US. Talk to a lawyer for details.
A lawyer is saying the Foundation has to go through probate because " of the property house, car etc". I think he is full of it. He is also saying that bank accounts in the Foundation do not have to go through probate. Trying to find out if the law has changed.
Yes, your lawyer is full of it. I'd find another one to confirm. I am not giving legal advice or recommendations. My property is in a Foundation for smooth transfer to my beneficiary. Not my car or bank accounts. You can sign over the ownership of the car separately. Go to your bank and tell them you want to declare someone as beneficiary upon your death. Global did it for free and Multibank charged me money to do it.
How do you sign the car over? I have talked with several attorneys and no one knows.