As we face the worldwide COVID-19 crisis, the need to document the fate of an individual’s estate through the corresponding legal formalities is now more important than ever.
After the effort of years of work, the accumulated assets that make up a person’s heritage merit careful consideration on how to preserve and eventually distribute the patrimony among future generations.
Given the importance of legacy, each Central American country has laws that regulate the process of patrimonial succession in case of intestacy, the absence of express instruction from the deceased before his death. In such absence, the current regulations establish the order and rules that must be observed under the right of succession, recognizing certain relatives of the deceased as potential heirs, or in the absence of these, awarding the right to inherit to the State or other non-related entity. Such rules may not accord with the interests or current reality of one’s situation, can cause intra-family conflict, and involve a series of legal proceedings that could make the process of distribution and access to property interminable.
Notwithstanding the foregoing, Central American legal systems foresee the possibility of implementing succession structures that allow the disposition of assets in ways that are more flexible, quicker and in line with the proprietor’s intentions. In this way, a property owner can institute as heirs those he favors, establishing appropriate terms and conditions, assuming they do not represent a legal impossibility.
BLP’s highly specialized practice area of Private Clients & Estate Planning consists of dedicated practitioners who will guide you in formulating the best strategies for your estate.
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