September is Will Month in Mexico, Is Your Estate in Order?
Each year, Mexicans are encouraged to have a Will completed in September. If you are a foreigner who owns property in Mexico, you also need to have a Will created in Mexico.
Death is not a subject we enjoy discussing, however, you need to be prepared. Mexicans, as a culture, have a unique relationship with death. They celebrate and venerate their ancestors on los días de los muertos, which is celebrated from October 31 to November 2. As a prelude to the celebrations, every September in Mexico is considered Will month. Mexicans are encouraged to prepare a Will, and notaries and the government offer important rebates during this time. Foreigners who own property or live in Mexico should take advantage of this opportunity as well. If you have been putting off drafting your Will, you may be motivated by the fact that MexLaw is offering this service at a fraction of the cost during the months of September and October.
As a property owner in Mexico, if you die without a Will, the Mexican government will be responsible for liquidating your estate and distributing your assets. 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. If you have a foreign Will, it must be processed in your country of origin, translated into Spanish, and verified by your local government before it is executory in Mexico, where it has to proceed before a judge and then a notary. It may take up to one year to resolve an estate with a foreign Will.
Why you should contact MexLaw to have a Will prepared
- A foreign Will requires a professional translation and verification, and this may be an expensive process and time consuming for your heirs.
- A foreign Will could end up in probate before the Mexican courts and take years to process and complete transfer of title. Meanwhile, the probated property may not be sold.
- If there is no Will your surviving spouse might not inherit the estate. The court will distribute the property as they see fit and may include ex-spouses or in-laws.
- The idea of a Fideicomiso trust is to protect your heirs named as your substitute beneficiary. However, there are instances where the bank trustee failed to transfer the property.
- The Fideicomiso substitute beneficiary only includes the property and not possessions, bank accounts, insurance or business interests.
- Appoint a guardian for underage children.
- Ensure individuals in a common law union are recognized as the spouse.
- A Mexican Will guarantees you are in control of your estate, allowing you to establish how you want your property to be divided.
- Avoid complications and disputes amongst family members and avoid delay during transfer of assets.
- During September and October, have your Will prepared by MexLaw for only $250 USD. Regularly priced at $450.
MEXLAW is a trusted, international law firm with an English-speaking team of lawyers and tax accountants ready to advise you on Wills and estate planning in Mexico. Visit mexlaw.ca/category/mexican-will/ to start the process.