A will is the act by which a person (testator) disposes, after his death, of all or part of his assets. This act is personal, solemn, free and revocable, indicating that the will can be modified as many times as desired.
And if there is no will, what happens? The default would be what the law indicates, and it could happen that the destination of the assets is not what the deceased really wanted.
Types of wills.
Holographic will.
It is handwritten and signed by the testator himself without a notary. It is more private and simple, but not without risk: it can be lost, destroyed or fail to comply with any of the requirements of the regulations.
It is necessary for the will to include the date. Therefore, it is advisable that it is combined with a notarial deed reflecting its execution and deposit with a notary and entered in the register of last wills and testaments.
Notarial open will.
It is the most common and is drawn up in the presence of a notary public. It is obviously not secret, but it is the one that provides the greatest legal security and the most advisable in most cases.
Open will without notarial intervention.
These are the will in danger of death and the will in case of epidemic. Their application is based on the urgency of both wills.
Closed will.
It is drawn up privately and then handed over to the notary in a sealed envelope. It is rarely used in practice.
Special wills and testaments.
They are granted in unique situations. These are: military wills (in times of war), maritime wills (during a sea voyage) and wills granted in a foreign country.
Why is a lawyer needed?
At Posada Lawyers we will help you in the process of succession planning, advising you in this process based on the tax and legal regulations of the area.