Elder Law
Elder Law
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A will is a legal document in which a person specifies who will have the authority to dispose of all their assets upon their death. Once a person passes away, the will is the document that serves to ensure the deceased's will is carried out, provided it complies with the requirements established by the Panamanian Civil Code.
The will's intent is confirmed through a succession process. In Panama, there are two types of succession processes: (i) intestate (when there is no will or when the will does not comply with legal requirements) and (ii) testate.
In Panama, there are common and special wills. The common ones are holographic, open, or closed wills, while the special wills are maritime, military, and those made in a foreign country.
Common Wills:
- Holographic Will: To be valid, this will must be handwritten by the testator and signed by them, with the inclusion of the year, month, and day on which it is executed. The will can be written on plain paper and left open or placed inside an envelope. It is important to include a list of assets and heirs.
- Open Will: This will must be executed before a Notary and three qualified witnesses who can see and understand the testator, and of whom at least one knows how to write. The notary presents the will as a public document and then notarizes it. In this case, the will is public since the notary and the witnesses know its content.
- Closed Will: It is written by the testator on sealed paper, including the place, day, month, and year it is written. It is then delivered to a Notary to be sealed so that it cannot be opened without breaking the seal. The notary's seal proves that the document represents the testator's will. In this case, the will is private, as only the testator knows its content.
A living will is a legal documents that contain a person's wishes regarding the decisions to be made in their healthcare in case they are incapacitated.
Normally, patients communicate their wishes directly to the doctors. However, when a person is no longer capable of making or communicating healthcare decisions, another means of making and communicating these decisions is needed, which is the purpose of the living will.
It is not mandatory to designate a specific person for a Living Will, but it can be beneficial to have a trusted individual review and participate in discussions about your healthcare wishes.
Estate planning is the process of ensuring that your assets are distributed according to your wishes after your death. Additionally, a solid estate plan should always include methods for managing and protecting your assets in case you become incapacitated during your lifetime.
Asset protection involves taking legal preemptive steps to deter or avoid a direct legal challenge, burden, or claim against your assets. In other words, it is an attempt to safeguard your assets to make it difficult, and in some cases impossible, for them to be seized, awarded, or administered contrary to your will.
At Motta, Yaafar & Diaz, we provide tailored advice and solutions to ensure that your estate is protected and optimized for future generations.