Bonnie Posted July 3, 2017 Share Posted July 3, 2017 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. Quote Link to comment Share on other sites More sharing options...
Brundageba Posted July 3, 2017 Share Posted July 3, 2017 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... 1 Quote Link to comment Share on other sites More sharing options...
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