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 fiduciaries to file sworn quarterly financial reports for testamentary trusts using a standardized judicial form, enhancing beneficiary oversight and transparency.

Comisión no recomienda aprobación de la medida

Legislative bill overview

Bill PS 948 amends Puerto Rico's Trust Law (Ley de Fideicomisos) to impose mandatory quarterly sworn accounting requirements on fiduciaries managing testamentary trusts and judicially administered estates. The bill mandates that the Judicial Branch create and enforce a standardized reporting form, and requires expedited distribution of certified copies to all interested parties after the accounting is sworn in and filed with the court.

Why is this important

Testamentary trusts and judicial estate administrations involve assets belonging to vulnerable beneficiaries—often minors, elderly individuals, or families in grief. Currently, fiduciaries may lack clear accountability mechanisms, potentially exposing beneficiaries to mismanagement, fraud, or neglect. Quarterly sworn accounts with court oversight and standardized forms increase transparency, create an audit trail, and give beneficiaries concrete evidence of how their inherited assets are being managed.

Potential points of contention

Administrative burden and costs: Quarterly sworn filings (four per year) require legal fees, court filings, and notarization costs that may reduce net estate value, particularly for smaller estates; some argue annual filings would suffice.

Judicial system capacity: Puerto Rico courts already face significant backlogs; mandatory quarterly filings could overwhelm the court system unless resources are substantially increased, potentially causing delays that harm beneficiaries.

Standardized form limitations: One-size-fits-all forms may inadequately address complex trust structures, international assets, or specialized investments, forcing fiduciaries into administrative compliance that obscures rather than clarifies financial reality.