September is lower prices for a Will month

A Will and Testament (testamento) done in front of a “Notario Publico”:

The procedure must be the following: One presents to the “Notario Publico” his wishes as to whom will inherit his goods either verbally or in writing. The “Notario Publico” will then draw the final document and he must ask directly in person, without any other person in the room, if that is his wishes, if the answer is affirmative the “Notario Publico” then asks the person to sign in the volume of his study and then he signs. In the event that this procedure is not followed the Will and Testament is not valid and can be contested in Court.

To be able to acquire the goods mentioned in a Will and Testament one must go through a “probate” legal process in front of the Tribunal, once the document is declared valid by the Court or Tribunal the file goes to a “Notario Publico” who will attest the verdict.

“Fideicomiso” of Administration (similar to a living trust):

The advantage of electing this type of vehicle is that there is no need for a “probate” process thus saving the heirs lots of money. Once the document is drafted indicating the exact wishes a “Notario Publico” will certify it and it becomes a public document. It is recommended to elect for this form in the event that part of the goods are in the form of money to be used for children so as to guarantee that the money is not used in the wrong way and / or in the case that personal services to a person in need due to physical disability are to be continued after one’s death.