GringoPost | Ecuador: Estate Planning in Ecuador, the best way to control your heritage

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Estate Planning in Ecuador, the best way to control your heritage

Good morning everyone.

I know that there are too many doubts in Ecuador regarding the necessity or not to create a will; how my property will be distributed, how many taxes I have to pay the SRI for inheritances; If my husband or wife dies, will I be the only one who will receive the rights over the patrimony and the properties? Or will their children, our children, or third parties be entitled?

Ecuadorian legislation is very limiting in terms of these aspects. A will is insufficient to determine in an effective way who I want it to be my heir. But too little is spoken in this country about "Estate planning". I want to share a few words about this with you today. Maybe this could help you to have a better perspective of what could be done to really satisfy your interests.

There are several aspects to analyze on this point.

First. The goods located in Ecuador are subject to Ecuadorian laws. Therefore, any document that determines its distribution in Ecuador, must be drafted in Ecuador. A Will for example

The second: most foreigners do not relate to Ecuadorian laws, they prefer the laws of their born country.

The third: Little or nothing is talked about estate planning. This is one of my specialties. The testament is not the best solution, because the Ecuadorian testament is limited as to who can be the beneficiary of the goods. For example, a son is a compulsory beneficiary, but if I want to inherit 100% my property to a third party, I cannot do it in Ecuador, not even with a will.

Estate planning is a different alternative. With the estate planning, total right of distribution of the patrimony or properties to a foreign legislation is given, through specific legal methods and tax planning. This allows, save the payment of taxes by inheritance in Ecuador, ($0.00 tax) - (legally); Also, it allows to control who I want to give my property by inheritance (to my heirs or even a third party), and even protect assets for future generations (for example, reserve a fund of a certain value so that my grandchildren go to the university).

In other terms, with estate planning, you grant total rights over your property to a foreign legislation (let’s say USA).

This mechanism is very little used in Ecuador. Mainly because Ecuadorian lawyers do not manage assets and asset planning. My specialty is precisely this, and I have repeatedly handled this type of case for my clients.

If you want to have total control over your estate, save inheritance taxes, and have a clear idea of ​​how your patrimony will be distributed when you are not alive, feel free to contact me. It will be a pleasure to help you.

Carrying out estate planning allows you to have control on anticipated form, to have security on every aspect and to feel free that everything will be well at any time.

If you want to consult me about your case, or want to contact me for more information, you can reach me at:

Eugenio Stanculescu Moreno
Atty at Law - LLM Business Law
Cellphone: 098 477 5230
email: eugenio@gottifredipozo.com

Eugenio Stanculescu Moreno

City: Cuenca