Is a WILL written outside of Colombia legal?

Frank Rizzo says on May 16, 2008, 07:06:

Hi Esteban...i'd like to thank you for your posts here. I always enjoy reading them and the way you break down the problems.

What city are you in??

CatGirl says on May 16, 2008, 15:20:

Esteban - clarification - this would only be applicable if the person creating the will has property in Colombia and/or someone in Colombia that is listed as a beneficiary? Correct?

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

tomtom33 says on May 16, 2008, 15:22:

I doubt that it would matter where a beneficiary lives.

bickerss says on May 16, 2008, 15:25:

I actually thought a will would be ''internaional'' - ie I have an australian will which details all my assets including those in Panama. The Panamanian Lawyers said that would be enough to avoid probate. The australian company said the could distibute any asset of mine in the world with this will. I will check again now after reading the above.

tomtom33 says on May 16, 2008, 15:38:

My best guess is that a will done by a good law firm in any western country could dispose of any assets held anywhere. My US attorney knows that I live in Colombia and has not said anything about re-doing my will. And that guy has taken very good care of me for over 20 years now.

britabroad says on May 16, 2008, 15:45:

My UK solicitor has informed me that my UK will is valid for my UK estate wherever I reside. However, she advised me to get a seperate will completed in Colombia for my estate here as the UK will will not cover this.

Leave the big stick at home...carry a cannon!

elk says on May 16, 2008, 16:34:

I think any foreign will is useless for assets held in Colombia. I suggest reading some of Estebans early posts relating to wills. Only Colombian law applies to assets held in Colombia.

That is the reason for the above post.

In Colombian you don't have the right to leave your property/assets to anyone you choose.

aztec says on May 16, 2008, 17:20:

Better be very careful with wills in Colombia. They are not like what most of you are accustomed to seeing!

tomtom33 says on May 17, 2008, 04:04:

"In Colombian you don't have the right to leave your property/assets to anyone you choose."

I have known for a long time that Colombia is fucked up. But this is beyond the pale.

I will contact my US attorney.

elk says on May 17, 2008, 07:11:

Note: This is an earlier document submitted by Esteban relating to WILLS here in Colombia
As you will see, it's much different than a simple WILL written in the U.S.

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

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

tomtom33 says on May 17, 2008, 07:46:

Thanks, Elk and Esteban. I kind of suspected the above. I have already written to my US attorney. My will needed updating anyway.

Fortunately(for the world), I have no children.

Frank Rizzo says on May 17, 2008, 08:51:

tomtom....cause you're probably not concerned about debt distribution.....you can put everything in the colombian company....cars, homes, etc.....here's what we did...make you the share holder...as you want to pass things down...you make them a minority share holder...say 1%...this way..they are on the corp...and all that's filed with publico..

Then upon your death...you have your shares distributed to them.....they get automatic voting rights and they can take the assets....(no probate)....they just begin controling the assets of the company....

poco says on May 17, 2008, 08:56:

Quote: Thanks, Elk and Esteban. I kind of suspected the above. I have already written to my US attorney. My will needed updating anyway.
=======

You seem like a nice guy,, so tell me,, does ANYONE in Colombia think that if you were DEAD they might benefit ? Friends, family, children,,, any potential persons who are somehow related to your beneficiaries,, or,, for that fact,, might think they could become related,, after your death?

Just to be clear,,, should I die,, anywhere,, NO ONE in Colombia will benefit,, and more than likely,, everyone knows it. Yes,, this discussion came up one day in the past,, what happens to my stuff if I die? answer,, I have a will and I've left it to my relatives in the U.S.

Yep,,, If I have a problem,,, no one benefits,, frankly,, should I be run over by a bus,, people 20 years later would be saying,,, DAMN,, I should have shoved that nice American guy out of the way and taken a chance I'd survive.

Yes,, living in the mountains surrounded by terrorists and knowing I have almost zero assets in Colombia and should something happen to cause me,, not even death,, just being the slightest bit unhappy,,, would adversely effect the general population,,, makes me a very tranquil person.

"Violence is the first refuge of the incompetent" - Isaac Asimov

tomtom33 says on May 17, 2008, 10:31:

I hear what you are saying, Poco. Thanks for the warning.

I believe in staying fully aware of the risks I am taking. But life without risk is not what I am seeking.