The importance of having a Will in Costa Rica
- Melania Si Go
- Mar 17
- 2 min read
Estate planning is a fundamental aspect to ensure that a person's assets and rights are distributed according to his or her wishes after death. In Costa Rica, writing a Will is a key tool to avoid family conflicts, facilitate the transfer of assets and protect wealth, especially for expatriates who have assets in the country.
Why is it important to have a Will?
Many people put off having a Will, however, having one can offer multiple benefits:
Avoids family disputes: A clear will reduces the possibility of conflicts between heirs.
It guarantees the fulfillment of your Will: It allows you to decide how your assets will be distributed.
Facilitates inheritance procedures: Without a Will, the distribution of assets can become complex and lengthy.
Protects dependents: You can protect the welfare of family members or dependents.
Key elements:
In order for a Will to be valid in Costa Rica, it must meet certain requirements:
Be granted by a person with legal capacity (of legal age and in full use of his or her mental faculties).
Be drafted under one of the forms recognized by law, such as:
- Open Will: It is made before a notary public and witnesses.
- Closed Will: It is presented in a sealed envelope before a notary public, who keeps it in custody until the testator's death.
- Holographic Will: Handwritten by the testator and must comply with specific requirements to be valid.
Clearly specify the distribution of assets and designate heirs.
Comply with notarial and legal formalities.
Steps for drafting a Will:
Make an inventory of assets and debts.
Define heirs and beneficiaries.
To choose an executor.
Consult a lawyer specialized in Estate Planning.
Draft the will according to Costa Rican law.
Register the will at the corresponding notary office.
Conclusion
Having a Will and proper estate planning is essential to protect assets and ensure that they are distributed according to your wishes. If you need help with drafting your Will or have questions regarding estate planning, contact us for professional guidance, having a Will is not the only option!
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