What is it worth to not leave a testament?

This article was taken from our Spanish edition. Entrepreneur contributors do not share the opinions of this article.

Although it is important to have a will, Mexico still faces many challenges. One of these is a lack of information and knowledge about the advantages of this document.

Debby Hudson via Unsplash

Some government agencies and organizations have launched educational campaigns in order to encourage this process. This is to help protect families’ assets. The September testament month was the national symbol.

To encourage will writing, actions are taken throughout the month. These include extended hours of operation, more information, and free legal advice.

Mexico still has a lack of information about the issue. Television programs and movies can contribute to an incorrect understanding of the procedure. It isn’t a writing process or video. “Major Financial Officer for Coru Manuel Patlan says.

Coru data shows that only 7.2% have a will in Mexico, and the rest (92.7%) do not. The population with the highest purchasing power and over 35-years of age has the greatest concentration of wills.

What characteristics are there in a will?

A will, a legal document that specifies the fate of a person’s assets or resources after he/she dies, can be described as a will. It is important to have your will certified by a Notary Public or Notary General in order for it to be valid and legally compliant.

These are Coru’s thoughts on the character of this document.

  • Individual. The procedure can only be performed on the personal level. No one is allowed to act on behalf of another person. This protects the assets of the testator and prevents third-party benefits.
  • Modifiable. The testator can modify the will as often as he or she chooses. The most recent version of the will is considered valid if the testator passes away.
  • This procedure is free. It is voluntary. There is no law that obligates anyone to do this.

What is the consequence of not drafting a will?

A will serves the purpose of providing patrimonial certainty for the family. However, if someone dies without leaving a will, then the law determines who will inherit and what proportions.

Families could be faced with the following situations if they don’t have a will:

  • Arbitrarily, a judge or notary will determine who owns the assets and other resources of the decedent.
  • Family dispute over asset distribution
  • Procedure and inheritance costs
  • If the estate is not already in existence, relatives and other close friends can start a legal proceeding. The process is called “estate succession”.

The average cost for this procedure in September was around 2,250 pesos. This is almost 25% of Mexicans’ monthly income. Coru’s Chief Finance Officer concludes that a will can be a crucial investment in the future financial security of families.

Publited Fri, 17 September 2021 at 07:12:05 +0000

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