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Bonnie

Corporations and Wills

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I'm looking for some feedback to clear my thinking before meeting with my lawyer. I want to be sure to ask the right questions.

If I understand the new law relating to corporation shares, there are two important aspects: (1) no more anonymous bearer shares, and (2) corporate shares no longer protect against probate. As the probate issue was the principal one pushing most people toward the corporate structure, what does a corporation accomplish now that a will does not? If I have a will that leaves everything to my heir, why do I need a corporation when the only thing in it is my house? The will would have to go through probate, and so would the corporation.

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1 hour ago, Bonnie said:

I'm looking for some feedback to clear my thinking before meeting with my lawyer. I want to be sure to ask the right questions.

If I understand the new law relating to corporation shares, there are two important aspects: (1) no more anonymous bearer shares, and (2) corporate shares no longer protect against probate. As the probate issue was the principal one pushing most people toward the corporate structure, what does a corporation accomplish now that a will does not? If I have a will that leaves everything to my heir, why do I need a corporation when the only thing in it is my house? The will would have to go through probate, and so would the corporation.

Probate is the issue.  Ask your attorney: " What happens if I do not have my home within a foundation?.  If my home goes into Probate...how long can this take?   If my home goes into Probate, what percentage of the value is allotted to my attorney?  "

We opted to place our home (which is in a corporation)  within a Foundation.  It was our choice in order to facilitate sale of property if one of us dies suddenly and the survivor decides to leave Panama.  A Corporation does not negate your holdings going through Probate, a Foundation does.  Attorneys earn a % of the value in the Probate process.  Another eye opener is, Panama recognizes us as single.  Documents of marriage all apostilled to migration is a separate entity apparently. We have undergone a certification of marital status with the country. 

If there is new information out there we would like to know...

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