Wills in Panama - Specialized lawyers in succession
Wills involving property and other assets in Panama must comply with the requirements and guidelines that have regulated the succession process under the Panamanian Civil Code of 1916 for over a century. The legal team of Panama Global Solutions will advise you at all times to ensure that your will complies with the legal formalities that will give it validity and peace of mind in the future.
The Role of a Wills Specialist Lawyer
A lawyer specialized in wills plays a crucial role in the estate planning process. Their expertise and knowledge of laws and regulations related to wills are essential to ensure that a person’s last wishes are fulfilled properly and legally.
Advising the Testator
By directly interacting with the testator, the lawyer can provide legal guidance and advice to ensure that their wishes are accurately reflected in the will. This advisory role aims to ensure that the will is clear, valid, and complies with all legal formalities required in Panama.
Interesting facts related to the use of wills in Panama
In general terms, a will is a legal document where the testator decides in what proportion and to whom their assets will be inherited once they have passed away. The will reflects the deceased’s wishes and desires, but to gain validity, it must first go through a succession process.
In the Republic of Panama, there are two types of succession processes:
Legal Requirements for Drafting a Valid Will
In Panama, specific legal requirements must be met for a will to be valid. Some of these requirements include the testator being of legal age and in full possession of their mental faculties when drafting the will.
Additionally, the will must be written, signed, and have the presence of competent witnesses. A lawyer specialized in wills can guide the testator through the drafting process to ensure that all legal requirements are met.
Types of wills available in Panama
Among the three types of will commonly used in Panama, we can mention:
This is a will written in the testator’s own handwriting, which must be free of erasures or amendments, legible, indicate the place and date of writing, contain the testator’s personal data and signature, and enumerate the assets and the proportion of each heir to be considered valid.
A will drafted in front of a notary who also acts as a witness to the act. The notary will subsequently present the document as a public deed, inserting it into the notarial protocol.
The testator writes their will in private and then delivers it to a notary to be officially sealed; the contents of the will shall not be disclosed until the person dies.
Importance of the Will in Successions
The will is a vital legal instrument in the field of successions, allowing the testator to clearly and precisely express how they want their assets and properties to be distributed after their passing. A will can also help prevent family conflicts and legal disputes by establishing the testator’s specific instructions regarding the administration and distribution of their assets.
Succession Processes and Will Disputes
Conflicts related to wills often involve family members, legal heirs, or interested third parties questioning the validity of the will or its interpretation. In such situations, a lawyer specialized in wills can represent and advise the involved parties in the succession process, providing legal support to resolve differences and protect the rights of the deceased person.
When a person passes away without leaving a valid will, it is referred to as “intestate succession.” In these cases, the distribution of the deceased’s assets among their legal heirs will be determined through a succession lawsuit. However, this process can be complex and lead to family disputes.
Our wills experts can provide the necessary guidance in intestate succession cases, ensuring that assets are distributed according to the law and safeguarding the rights of the heirs.
Protect your assets today!
Did you know that in Panama, succession processes must be formalized, executed, and concluded by an authorized lawyer? Contact us to obtain specialized advice on drafting wills and conducting successions in Panama.
Frequently asked questions about wills in Panama
In addition to the wills described above (holographic, open, and closed), Panama has other types of wills derived from extraordinary situations such as military wills, maritime wills, and those granted abroad.
The deceased leave assets to their heirs, but also the obligations that they have not been able to fulfill. It should be noted that the right to be an heir involves both profits and burdens and debts deriving from the deceased.
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