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Probate Tips and Tricks

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Post by Intercasa on Mon Sep 24, 2012 3:34 pm

While most of you know that this month, September is the discount will month, I wanted to share with all of you another transaction that may benefit you to do while visiting the notario.

State law provides for a procedure where upon the death of a person their real estate may pass on to their spouse or parents and / or children without the need for probate.

Many people have done this in their deeds when they purchased the property.

State law (Jalisco State Civil Code Section 1894) provides that the designation of beneficiaries may be made, modified or revoked at any time. You might want to examine your deed to employ this strategy of modifying your current listed beneficiaries if you fit into one of the following groups:

1) You originally named your spouse but they have since died.

2) You bought your home prior to 1995 where many notaries did not place beneficiaries on the deeds.

3) Your notary never got the news that you could list a beneficiary and did not list one on your deed (this is somewhat common with people in Joco)

4) Have other reasons to change the beneficiaries such as divorce, children behaving badly or making poor decisions where a windfall of money might not be in their best interests or birth of another person who you would like to add as beneficiary.

The cost runs around $2,000 pesos but is less than opening a probate case and then there is the time savings or avoiding the court system.
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Post by simpsca on Wed Sep 26, 2012 2:03 pm

Thank you Spencer - I had no idea we can name beneficiaries other than husband, wife of children now.
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Post by 2mexicos on Fri Sep 28, 2012 5:18 am

We put a deed in husband's name only when purchasing our home in
2007. I looked through it and nowhere does it appear to list beneficiaries.
At the time of closing, he did state to the notario how he wished the
house to be dispersed upon his death. Since purchasing the home, he
has also made a mexican will- which does list the correct lineage of
beneficiaries. We used the same notario for home purchase-as well as
for his will.
I am beginning to fear we will land in probate if we do not go back
to the notario to have the deed reissued with the beneficiaries listed.
I like the idea of the will and the deed matching.
Is this necessary or am I being my, usual, paranoid self?
Spencer, we would be happy to allow you to read the deed- as well as
the will- to make sure I am correct in my interpretation of this matter.-
and of course, pay for your services.
Will be waiting for your response.

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Post by Intercasa on Fri Sep 28, 2012 8:20 am

Call me Monday and I can review the deed and let you know if changes need to be made to avoid a probate case, if changes need to be made there is a notary across the street from my office in Chapala.
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Post by Jim W on Fri Sep 28, 2012 9:09 am

Spencer, When I purchased our home in 2005, the Notary advised I could not put Deb's name on the deed as we were not married. Why, and has the law since, changed. Should we change deed now?

Thank You in advance, Jim W
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Post by Intercasa on Fri Sep 28, 2012 9:31 am

But you now are married so can add her as a beneficiary.
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Post by viajero on Fri Sep 28, 2012 10:49 am

Intercasa wrote:But you now are married so can add her as a beneficiary.
I have the same situtation as Jim,I do have a Mexican will that states that everything I own in Mexico goes to my wife when I die,should I still add her to the deed and if so how much does that cost approx.
Thanks Chris

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Post by viajero on Fri Sep 28, 2012 4:44 pm

Thanks Spencer.

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Post by 2mexicos on Sat Sep 29, 2012 6:07 am

We will call your office Monday to set up time to review our documents.
Thank you so much Spencer.
Barry and Christine

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Post by Jim W on Sat Sep 29, 2012 6:03 pm

Intercasa wrote:That is a separate issue all sellers must have FM2 or the new residente permanente to avoid capital gains, transfers due to probate (death of owner) are exempt from capital gains but the person that acquires may have to pay tax when they sell.



Spencer, Just to clarify, when buying a home, putting only one person on the deed, adding spouse as beneficiary, eliminates requirement that both spouses are required to have FM2 to avoid capital gains?
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Post by Intercasa on Sat Sep 29, 2012 6:24 pm

Yes but you might have to fudge as if married they might require your spouse to be on with you, will have to check on that.
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