The Importance of a Will in Colombia: Protecting Your Assets
A will is the document by which a person disposes of their assets for after their death. Although many people postpone it, making a will prevents family conflicts and ensures that your assets are distributed according to your wishes.
What is a will?
It is a legal act, personal in nature and generally revocable, in which a person (the testator) establishes how their assets will be distributed. It can modify the rules of intestate succession within the limits set by law.
Types of wills in Colombia
Open will
It is granted before a notary, who reads it and incorporates it into a public deed. Witnesses and the notary participate in its execution.
Closed will
The testator presents the sealed document before the notary, without the notary knowing its contents.
Solemn will
It is granted in a special ceremony before a notary and witnesses, ensuring greater formalities.
Who can make a will?
- People over 18 years of age
- People with full mental capacity at the time of granting it
Why is it important?
- It allows you to express your wishes about the destination of your assets.
- It avoids conflicts and disputes among heirs.
- It speeds up succession procedures.
- It protects the people you choose to benefit.
Considerations
A will can be modified or revoked at any time while legal capacity is maintained. It is advisable to seek advice from a lawyer to draft it correctly and comply with all legal formalities.
At AJIN we advise you on drafting your will and on all succession procedures. Request a consultation.