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If I am foreign person with three children but one of them is my favorite, Can I leave him all my Colombian assets?

BY
Esteban Rada
LAWYER CO
Colombian lawyer
Email: lawyerscolombia at yahoo.com

In my professional experience, this is a common question made by non Colombian clients who want to write a will and give more assets to a certain relative. However, in Colombia the law regulates the WILL/testament therefore the document is valid only if it follows certain rules

Now, how can I make a WILL when I have children?

If you have assets in Colombia, you make a sum of the total value. This result is called “ Patrimonio bruto�?, and then you deduct all obligations, or debts. What remains is called the ACTIVO LIQUIDO.

The activo liquido will be divided by two. The first half is called LEGITIMAS. This portion is mandatory by law for your descendants. If you have children they are the only ones authorized by law to claim this portion.

This portion will be divided in equal parts between your children.

The second part of the patrimonio liquido, will be divided again by two.

The first part called ¼ Mejoras is a portion of your assets that you can use to increase the portion given to someone in the LEGITIMAS section. This can be given to a certain son or if you prefer a grandson. Only descendence can claim this right.

The second part is called ¼ LIBRE DISPOSICION. This is the only part of your patrimony that can be given to anyone without subject to any rules. It can be for another son, a friend or a foundation.

BASIC EXAMPLE

Jim has two children TOM and MARIA. Jim has in Colombia a Patrimonio bruto of 50 millions of pesos and a debt of 10Million of pesos. After paying the debt, his Patrimonio liquido is equal to 40 Million of pesos.

Now, Jim has decided to give Maria the portion/section called ¼ DE MEJORAS and give to his friend Charles the ¼ of free disposition.

Example: 40 Milliones of pesos divided by two equals 20 Millions called LEGITIMAS and 20 Millions Composed of MEJORAS and free disposition

The section of LEGITIMAS MUST BE DIVIDED BY THE NUMBER OF SONS, in Jim’s case, by two so TOM will receive 10 M and Maria 10 M.

In the section of Mejoras and LIBRE DISPOSICION, it has to be divided again by two, MEJORAS IS EQUAL TO 10,000,000 COP. Jim decided that MEJORAS will be assigned to Maria, now she has a patrimony of 10M given by LEGITIMAS and 10M given by MEJORAS.

In the section of FREE DISPOSITION, Jim`s friend will inherited 10M

In total Jim`s patrimony will be assigned this way:

FOR TOM: 10 Million pesos for the concept of LEGITIMAS
FOR MARIA: 10 Million pesos for the concept of LEGITIMAS and 10Million pesos for the concept of MEJORAS. Jim’s friend receives 10 Million of pesos for the concept of LIBRE DISPOSICION, or free disposition.

ADVICE. Making a will must be done through a lawyer specialist in family law because the document will be reviewed by the family court after your death and in case it is contrary to the law the WILL/testament will be revoked and the assets will be divided between your children with each receiving an equal portion of the assets.

NEXT ARTICLE: how to do a will when I don’t have children.

ESTEBAN RADA
LAWYER CO
COLOMBIAN LAWYER
EMAIL: lawyerscolombia at yahoo.com

By lawyer CO on Jan 11, 2008, 09:43 in Visa & paperwork.

dwr says on Jan 11, 2008, 09:55:

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joetexan says on Jan 11, 2008, 10:02:

Esteban,

I think I need a Colombia will because I am transferring all my assets to Colombia, but I have a will in the U.S. I will email you, but if you are in Bogota I would like to make a appointment. I have a Colombian lawyer for business stuff and an Estate lawyer in the U.S., but it sounds like you are a Colombia Estate lawyer.

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mranderson says on Jan 11, 2008, 14:33:

What if Jim's wife is still alive? Does she get anything at all?

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fecherklyn says on Jan 11, 2008, 14:59:

Esteban,

Thanks, a very useful post.

Just to make sure I have understood....if I only have one child he gets a minimum of 75% of my patrimony (E.g. everything other than the 1/4 Libre Disposition), Right?

Also you state these rules apply to assets in Colombia. Would Colombian rules apply to any assets I keep elsewhere and, if so, what are these rules (Always assuming a situation where I reside and die in Colombia). I appreciate this question may be complex and will understand if you find it difficult to deal with in this forum.

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lawyer CO says on Jan 11, 2008, 20:16:

If Jim`s wife is alive, she would have the right to the 50% of the community of assets created by the marriage.

Now if she gets few assets, you can write on the will a section called porcion conyugal, in which you give certain goods to her-

Of course drafting a will requires a previous interview.

Esteban Rada

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lawyer CO says on Jan 11, 2008, 20:20:

fecherklyn :

Just to make sure I have understood....if I only have one child he gets a minimum of 75% of my patrimony (E.g. everything other than the 1/4 Libre Disposition), Right?

YES, IF YOU WRITE DOWN THAT WAY.

Also you state these rules apply to assets in Colombia. Would Colombian rules apply to any assets I keep elsewhere and, if so, what are these rules (Always assuming a situation where I reside and die in Colombia). I appreciate this question may be complex and will understand if you find it difficult to deal with in this forum

NO, COLOMBIAN LAWS only apply for assets located in Colombia.

Esteban

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CatGirl says on Jan 11, 2008, 22:00:

Leave one dollar...or one peso...you choose

Love and Time: the only two things that cannot be bought, but only spent

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aztec says on Jan 12, 2008, 05:26:

We were told that the wife in Colombia gets 50%. No way to write her out of her inheritance.

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mranderson says on Jan 12, 2008, 05:49:

Ok. What if the wife dies while or shortly after giving birth to the first child. The child is fine and then 2 years later the father dies in a motorcycle accident. At this point the child is 2 years old. Does the child get all of the inheritance?

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lawyer CO says on Jan 12, 2008, 07:50:

well... if the child is your only son, he gets everything you have unless you have a will in which you stablish a different situation.

2. For the wife, if she got divorced and was her fault nothing for her.But if you 2 got divorced and now she is having bad economic conditions, she could claim for porcion conyugal.

That`s the moment where your lawyer`s son must act and attack the ex wife`s petition sayng for example...she has an apartment... she styaed with the car during the duvirce...

Esteban

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