“Para enmendar el Artículo 24 de la Ley Núm. 219 de 31 de agosto de 2012, conocida como la "Ley de Fideicomisos", según enmendada, a los fines de titularlo "Deberes y Facultades del Fiduciario" y añadir como deber obligatorio del fiduciario la rendición trimestral juramentada de cuentas con recibos y anejos ante el Tribunal de Primera Instancia en casos de fideicomisos testamentarios y administración judicial de bienes; ordenar a la Rama Judicial crear, publicar y hacer obligatorio un formulario estandarizado para dichos informes; establecer el envío expedito de copias a todas las partes interesadas tras juramentación y radicación; y para otros fines relacionados.”

2025-2028 Session

Puerto Rico requires trustees to file sworn quarterly financial reports with courts for testamentary trusts, standardizing oversight of estate management and beneficiary protection.

Comisión no recomienda aprobación de la medida

Legislative bill overview

Bill PS 945 amends Puerto Rico's Trust Law (Law 219 of 2012) to require fiduciaries (trustees) to file sworn quarterly financial reports with the Court of First Instance for testamentary trusts and court-administered estates. The bill mandates the Judicial Branch create a standardized form for these reports and requires expedited distribution of copies to all interested parties after the reports are filed and sworn.

Why is this important

Testamentary trusts and judicial estate administrations involve vulnerable beneficiaries—often minors, elderly, or disabled persons—whose assets depend entirely on fiduciary management. This reform strengthens accountability by creating regular public oversight through courts and standardized documentation, reducing opportunities for mismanagement or fraud. It also clarifies fiduciary obligations and improves transparency for beneficiaries who currently may lack visibility into asset management.

Potential points of contention

Administrative burden on fiduciaries: Quarterly sworn reports require significant documentation, legal compliance, and court filing costs, which may discourage individuals from serving as trustees or increase estate administration expenses passed to beneficiaries

Judicial resource strain: Courts already face backlogs; mandatory quarterly filings could overwhelm First Instance courts without accompanying budget increases or judicial staffing

Scope limitations: The requirement applies only to testamentary trusts and judicial administrations but not all fiduciary relationships, creating inconsistent oversight standards and potential inequities between trust types