4 months, 6 separate trips, and after about $6K, me and my brothers signed the "book" @ Notario #4 in Ensenada for a trust beneficiary modification.
Bank required translator to be present and we all had to present visas and passports.
Uh...., next step is my death certificate
5:00 somewhere, peaceSFandH - 7-18-2018 at 08:44 AM
Are you talking about transferring a fideicomiso to a new individual? What kind of visa were you required to have?
[Edited on 7-18-2018 by SFandH]Paco Facullo - 7-18-2018 at 08:51 AM
Jeez Louise,,, Oy Vey, ,, Hey Zeus and Ee Ole .
That's a whole lot-o-time money and trips, to do what would seem a simple thing. But that's Meheeko for ya....
You SO deserve a trip to the Cantina..
Hope you don't die before you get that next cert. process done...fishbuck - 7-18-2018 at 12:59 PM
No rush on that Death Cert.
Take all the time you need.BajaUtah - 7-18-2018 at 01:08 PM
Are you talking about transferring a fideicomiso to a new individual? What kind of visa were you required to have?
[Edited on 7-18-2018 by SFandH]
I'm going to guess just a name change on the beneficiary (in case of the fidi holder's death) and not a full transfer.
It's worth the effort to get it right as a neighbor of mine has spent at least 5 years, countless hours and thousands of dollars to attempt to correct
an incorrect beneficiary statement on his late brother's fidi. BornFisher - 7-18-2018 at 01:16 PM
Pesos or dollars?BajaTed - 7-18-2018 at 02:07 PM
YES, all that for a beneficiary name change.
It was $USD too.
Being in the Ensenada Notario office with all the record books stacked up everywhere was a sight I wont forget.
Seeing our original 1987 and 2004 trusts recorded in their books was amazing and gave me faith in the fideocomiso process.
We took photos of the book and wrote down the book# and page #'s.
5 day visa ($29USD) was all that was required. Purchased at immigration post in the Port captains office, real easy.
Visa storytime:
If a foreign citizen serves as the translator and ins't getting a visa, the immigration officer will challenge that person for their visa. The two
Canadian persons in front of us was in this situation, their process took 20 minutes, their translator couldn't show his visa, quite the bureaucratic
show as only Mexico can do (rustling papers in their face, death stares, when he stamped their visas, he made them all jump, Ole) Our translator had
her visa and the officer had us completed in 5 minutes with lots of gusto, much better show.
Moral of story, a VISA goes a long way and works in many different ways when dealing with any level of the Mexican govt. They like their laws
respected and they in turn will reciprocate the effort .Alm - 7-18-2018 at 03:37 PM
Sometimes it pays to follow the rules - and to know them.
Having FMM - if this is what you're calling a visa - is mandatory for any tourist.elskel - 7-19-2018 at 08:16 AM
I have a Fido, which needs a modification. One of my kids was left off of the Fido as a beneficiary. I would like to have all four on it. Are all
modifications to Fidos a major process? Any others out there gone through Fido modifications? Sure would like to hear how the process went for you.
thanks BrianBajaTed - 7-19-2018 at 09:01 AM
From 10,000 ft.
It all starts with your trust, the bank and the trust office in the bank.
1st, They will want money to read it, so they can write the proper beneficiary modifications. (suggestion, none of the kids spouses as
co-beneficiaries, a single divorce blows the whole thing up for all the kids)
Next is the Publico Notario, pick your poison; TJ #6 or Ensenada #4, find a person to work with there.
Hard part:
Keep waving money at both ends of a mexican process and it will eventually come together.
Be patient and kind.
BTW: a completely new trust with mexican capital gain taxes for the sale at the current valuation would have been $70k.
Then there is the IRSBajaMama - 7-22-2018 at 10:33 AM
We did the beneficiary name change using an attorney out of San Diego. Expensive ($6 or $7K, can't remember) Seemed like a lot of $ but needed to be
done. elskel - 7-23-2018 at 08:13 PM
Wow, very pricey to make a modification to an existing trust.
