Estate planning options at FirstBank Puerto Rico

Checking Account (Cuenta UNO, Cuenta TODO, Cuenta Perfecta, Preferente, Platinum)

Cuenta UNO is the basic checking account, Cuenta TODO combines checking and savings, Cuenta Perfecta carries no monthly service fee with direct deposit or an average balance, and Preferente and Platinum are the relationship tiers. Section 6 of the Deposit Accounts Agreement states that an account opened on behalf of another person does not constitute a trust under the laws of the Commonwealth of Puerto Rico, so these accounts cannot be titled to a trust or carry a trust beneficiary. A sole account passes through Puerto Rico succession; a joint account may pass to the surviving co-owner.

Savings Account (Easy Savings, FirstTeen, FirstOne, Christmas Club)

Easy Savings bears interest, FirstTeen serves account holders 13 to 20, FirstOne serves children under 13, and Christmas Club is a holiday savings account with withdrawal in November. The same Section 6 ITF clause applies, so no trust titling or trust beneficiary designation is available.

Certificate of Deposit

Term deposit that can also be pledged as collateral for a personal loan. The Deposit Accounts Agreement sets a minimum term of seven calendar days and a maximum of five years. Under Act 98 of June 25, 1998, as reproduced in the agreement, no early withdrawal penalty is charged on a withdrawal made because of the holder's death for amounts of $100,000 or less including accrued interest, where the account has been in force 180 consecutive days before closing, and the notarized sworn statement required for other qualified early withdrawals does not apply in the case of decease.

Commercial Account (BFirst, Business Plus, IOLTA)

Business deposit accounts: BFirst for professionals and entrepreneurs operating as a DBA, Business Plus with an investment module and line of credit, and an IOLTA account for attorneys. A DBA account belongs to the individual owner, so it forms part of that person's succession when the owner dies; a corporate account belongs to the entity and is governed by the corporate resolution on file.

Individual Retirement Account (IRA CD, IRA Savings, First Roth IRA, First Educational IRA)

IRA CD carries 1, 2, 3, or 5 year terms; IRA Savings accepts contributions through a branch or the IRA Facil service; First Roth IRA takes non-deductible contributions with tax-free interest; First Educational IRA is the Educational Contribution Account (CAE) for a named beneficiary's post-secondary studies. Eligibility for each requires Puerto Rico residency. These accounts pass to the beneficiary named on the IRA agreement and cannot be retitled to a trust.