EpiphyCorp

“An extraordinary tool to establish your legacy”

Many people undertake the task of organize their patrimony through a corporate identity, mainly looking for confidentiality, facility to administer the assets owned by the corporation and a proven stability in the legislation that will back up the chosen legal figure. By doing this, they have created a strong protection against any situation of risk that can arise in its businesses or daily activities.

But what will happen to their assets at the time of their death, will there be some way to leave an established document beforehand that details how to administer, who to transfer to or who will enjoy their revenues once the owners dies?

If the necessary measures are not taken, it doesn’t matter what was the legal instrument chosen for the administration and protection of the assets, what will happen will be as follow: To be able to be entitled to the assets, the heirs of the deceased will have to formalize a legal plea, through a succession trial, wherever there was a given testament or not. These trials have two characteristics all around the world: they take a long time and they become expensive.

Is there a way for the heirs to accede to the patrimony of the deceased without a long and expensive trial?

Yes, through the figure of the Foundation of Private Interest of Panama.

The Foundation of Private Interest of Panama, is a legal figure created to administer the patrimony of a person, in this aspect it is possible to be compared and it is handled just as a common offshore company.

Because within the Law that regulates this figure, is contemplated the faculty of the Founder to establish the measures or directives that the foundation will take with respect to the goods and assets owned by the Foundation at the time of his death, so there can be:

1. A transfer of the goods and assets to a new administrator or to the heirs directly.
2. The option to continue administering these goods through the foundation in behalf of new beneficiaries (that will be the heirs).
3. A transfer of these goods and assets to a beneficial institution or any other measurement that the Founder considers appropriate (liberty of decision).

These actions will be carried out by a Trustee that will be the designated person, with all faculties to carry out the directives established by the founder. The trustee is limited in its powers to exclusively perform the indicated activities by the founder and it cannot exert acts of his own will with the goods and property of the Foundation.

So trough a Private Interest Foundation, the founder has the security that when he passes away, his designated heirs, will be able to have the goods and assets held by the foundation at their immediate disposal and without any trials or the hiring of expensive legal services, since the signature of the Trustee will be the only requirement to carry out the passage of these goods to the heirs.

Also if it is chosen that the foundation continues administering the goods, there will be no necessary to write up nor to reform no document, since beforehand the founder has settled down who will be the substitute beneficiary and that they will administer the Foundation in case of death of the founder.

If a legal figure of easy administration is wanted, that offers confidentiality of identity and limits the risk on the goods and assets and additionally it is wanted to leave beforehand established the future of these goods after the death of the Founder, the Foundation of Private interest of Panama, is your best choice.