elskel
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Living Trust - Fidocamiso
To All: A quick question to the nomads. I am in the process of putting together a living trust. Any nomads who have set up a living trust, did you put
your fidocomiso into your living trust? I always figured to keep big brother up in the states from knowing I own property in Baja. Any information
would be greatly appreciated.
thanks brian
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DianaT
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Brian,
We already had our Living Trust when we set up our fideocomiso---we chose to keep the fideocomiso out of our Living Trust and just named beneficiaries
for the fideo.
There are some other assets we have that are not in the Trust and just have beneficiaries.
To have the fideocomiso in the trust would have involved, I think, having the fideo in the name of the trust---just like the titles of our real
properties in the US are in the name of the trust---not us as individuals. We really thought that would complicate things.
If someone has a really good reason why this is not a good idea, I sure would like to hear about it.
Good question
Diane
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elskel
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Diane, thanks for the quick reply. I will wait for others to reply.
brian
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schwlind
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Our Notario advised us to draw up a Mexican will and to not include the property in any will or Living Trust in the US. Was it good advice or not...
don't know...
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DianaT
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| Quote: | Originally posted by schwlind
Our Notario advised us to draw up a Mexican will and to not include the property in any will or Living Trust in the US. Was it good advice or not...
don't know... |
Interesting because we were told that because there are beneficiaries, we don't need a Mexican will---sure want to find out for sure, if that is
possible.
Diane
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Howard
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Mood: I'd rather regret the things I've done than regret the things I haven't done.
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RE: Living Trust
We hold Mexican properties in a Mexican corporation and was told by a Mexican attorney that we need a will describing exactly how the properties would
be split up upon death. He seemed like he knows what he is talking about. I think he quoted us somewhere in the $400US range. He said that without
a will it would be very difficult for the courts to figure everything out and it would take years without a will.
We don't stop playing because we grow old;
we grow old because we stop playing
George Bernard Shaw
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Pescador
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Mexico has entirely different laws concerning beneficiaries than the US. I do not know for sure but have been told that you can establish
beneficiaries on your fideocomiso but anything else that needs a will would not be covered by your US will.
When someone dies in Mexico, the property does not go completely to the surviving spouse like it does in the US. Instead, it is split 50-50 between
the spouse and children. So my guess would be that to be more secure, it might be a good idea to at least consult with an attorney and a Notario (for
those issues around real estate).
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elskel
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Seems to be no clear cut answer.
brian
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elskel
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thanks for the replys.
brian
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CaboRon
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| Quote: | Originally posted by elskel
Seems to be no clear cut answer.
brian |
Wecome to Mexico 
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DianaT
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| Quote: | Originally posted by CaboRon
| Quote: | Originally posted by elskel
Seems to be no clear cut answer.
brian |
Wecome to Mexico |
And welcome to the legal world of US LIving Trusts. I know that when we created our trust, there are things we were advised to keep out of the
trust---things that other people have in their trusts.
So, while the thread strayed off topic somewhat, from what I read, like us, I don't see where anyone else has tried to put their fideocomiso into a US
Living Trust.
As would elskel, If someone has done so, I would like to hear about it.
Diane
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Paulclark
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The beneficiary -- or inheritor is named in the fideocomiso therefore it does not need to be in your living trust and will confuse the issue if it is.
Most Mexican Notaries will not put a Mexican property into an American living trust due future problems with inheritance and conflicting laws.
Inheritance laws are different in Mexico as a marriage can be with property or without property so their line of succession is different than in the
States or Canada.
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DianaT
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| Quote: | Originally posted by Paulclark
The beneficiary -- or inheritor is named in the fideocomiso therefore it does not need to be in your living trust and will confuse the issue if it is.
Most Mexican Notaries will not put a Mexican property into an American living trust due future problems with inheritance and conflicting laws.
Inheritance laws are different in Mexico as a marriage can be with property or without property so their line of succession is different than in the
States or Canada. |
THANKS---we assumed that was the case.
Thanks for the clarification.
Diane
[Edited on 4-16-2009 by jdtrotter]
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