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MEXLAW > Legal Services  > 10 Reasons Mexican Property Owners Need a Will

10 Reasons Mexican Property Owners Need a Will

Without a Will prepared in Mexico, you are allowing the Mexican government to handle and disburse your estate. Foreigners living in Mexico are well advised to have a Mexican Will as there are no survivor rights in Mexico and property held in trust may not be enough protection for you and your family.

 

10 Reasons you should contact MEXLAW to have a Will prepared;

  1. A foreign Will will require a professional translation and verification, and this may be an expensive process for your heirs. American documents need to be apostilled, and notarized in the U.S., and translated into Spanish by a court approved translator in Mexico. Canadian Wills will be translated by an authorized translator and presented to a Mexican consulate in Canada and then before a Notario in Mexico.
  2. A foreign Will, could end up in probate before the Mexican courts and take years to process and complete transfer of title. Meanwhile probated property may not be sold.
  3. If there is no Will, you are considered dying intestate, and the intestate laws in Mexico do not necessarily mean the surviving spouse will inherit the estate, the court will distribute the property as they see fit and may include ex-spouses or in-laws.
  4. The idea of a Fideicomiso trust is to protect your heirs by listing them in the contract as your substitute beneficiary, yet there are instances where the bank trustee failed to transfer the property to the benefactors, the heirs had to go to court to have the bank release the certificate.
  5. The Fideicomiso substitute beneficiary only includes the property, and not possessions, bank accounts, insurance or business interests.
  6. Appoint a guardian for underage children.
  7. Ensure individuals in a common law union are recognized as the spouse.
  8. A Mexican Will guarantees you are in control of your estate, allowing you to establish how you want your property to be divided.
  9. Avoid complications and disputes amongst family members.
  10. A Will prepared in Mexico is an inexpensive way to give you and your family peace of mind, and avoid delays and red tape in the transfer of property.

 

MEXLAW is a trusted, English-speaking team of Mexican lawyers and tax accountants ready to advise you on Wills and estate planning in Mexico.