Elder Law Attorneys in Panama
At MYD we support older adults and their families in planning and protecting their estate and their will. Our services include drafting wills, advance healthcare directives and estate planning, always with a close approach that respects each person's dignity.
A will is the legal act by which a person establishes who may receive their assets upon death. Once the person has passed away, the will ensures their intent is honored, provided it meets the requirements of the Panamanian Civil Code.
That intent is carried out through a succession process. In Panama there are two types: (i) intestate, where there is no will or the will does not meet legal requirements, and (ii) testate. In turn, wills may be common (holographic, open or closed) or special (maritime, military and made abroad).
Common wills: Holographic: to be valid it must be written entirely in the testator's own hand and signed by them, stating the year, month and day it was executed. It may be written on plain paper and left open or inside an envelope; it is advisable to include the list of assets and heirs. Open: granted before a notary and three suitable witnesses who see and understand the testator, at least one of whom can read and write. The notary formalizes it as a public deed and records it. It is public, since the notary and witnesses know its content. Closed: written by the testator on stamped paper, stating the place, day, month and year. It is delivered to the notary to be sealed so that it cannot be removed without breaking the cover. It is private, since only the testator knows its content.
Advance directives are legal documents that record a person's wishes regarding decisions about their medical care in the event they become unable to decide for themselves.
Patients usually communicate their wishes directly to their physicians; but when a person can no longer make or communicate a healthcare decision, advance directives serve that role.
It is not mandatory to appoint a specific person, although it can be beneficial to have someone you trust take part in decisions about your medical wishes.
Estate planning is the process by which you ensure your assets are distributed according to your wishes upon death. A solid estate plan should also contemplate mechanisms to manage and protect your estate in the event of incapacity during your lifetime.
Asset protection means taking preemptive legal measures to make it difficult —and in some cases impossible— for your estate to be seized, adjudicated or managed against your will.
At MYD we advise you with personalized solutions so that your estate is safeguarded and optimized for future generations.
Legal protection and planning for later life
Later life brings important legal decisions: how to protect what you've built, who will make decisions if your health doesn't allow it, and how to make sure your assets reach your family the way you intend. At MYD we support seniors and their families in Panama with patience, care and clear guidance.
We prepare wills, general and specific powers of attorney, and advance directives that put a person's wishes on record. We advise on private interest foundations and other estate planning structures that make it easier to pass on assets and reduce disputes between heirs, and we handle probate when a family member passes away.
Many of our clients are retirees from abroad who chose Panama for their retirement. For them we coordinate pensionado residency, the purchase or rental of a home, and the organization of their assets between Panama and their home country, always in plain English or Spanish.
We also protect seniors against financial abuse, broken agreements and situations of vulnerability, and we help families understand the legal tools available to look after a loved one.
Frequently asked questions
Why should I make a will in Panama?
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A will lets you decide how your assets will be distributed and spares your family a longer, less predictable process. If you own property in Panama, your planning should take local rules into account.
What is a power of attorney and when do I need one?
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It authorizes a trusted person to act on your behalf for specific or general matters. It is especially useful if you spend time abroad or expect to need help managing your affairs in the future.
Can a private interest foundation help with estate planning?
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Yes. A foundation lets you set out in advance who will benefit from certain assets and how they will be distributed, with a high degree of privacy.
Do you work with foreign retirees living in Panama?
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Yes. We advise retirees from many countries on residency, housing and estate planning, in English or Spanish.
Can we meet if I have limited mobility?
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Of course. We can meet by video call and arrange visits or document signings in whatever way is most comfortable for you.
What if I own assets in Panama and in another country?
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Your planning should be coordinated across both countries so your documents don't contradict each other. We review your situation and propose a consistent structure for your Panamanian assets.
Let's talk about your matter
Tell us about your situation and we'll walk you through your options in an initial consultation, in person or remotely, in English or Spanish.
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