Preparing a will in Colombia and planning for your family’s future is very important in general, but if you’re married in Colombia (or in a Civil Union or Common Law Marriage), have children or own real property, estate planning is essential. Since every situation is different, you need to know how to protect your assets from excessive taxes, and how to ensure that your family receives the benefit you intend. When it comes to Wills and Estate Planning in Colombia we’re here to help you.
DIFFERENT ESTATE PLANNING OPTIONS
Depending on your specific circumstances, you may want to prepare one or more of the following documents:
1. Will and Testament in Colombia
2. Trust, which could be revocable or irrevocable
(A Living Trust in Colombia is an economic way to protect your assets)
3. Power of Attorney for Healthcare, Real Estate or Financial
4. Foundation and Corporations are forms in which persons may protect assets
Each of these documents will have different tax implications and may only be relevant in certain cases. At COLOMBIA LEGAL & ACCOUNTING we can determine the most appropriate plan to protect your assets and minimize your tax consequences.
IMPORTANT FACTORS TO CONSIDER WHEN PLANNING FOR YOUR FUTURE
There is no one-size-fits-all plan for estate planning in Colombia. Before calling COLOMBIA LEGAL & ACCOUNTING to discuss your particular needs, here are some questions to consider:
1. What is your marital status?
2. Do you have children? How old are they? Are they established in their own rights?
3. Do you own real estate? Where is it located? How is it legally held?
4. Do you own a business, or have an interest in a business? How is it legally held?
5. Are there any charitable organizations you would like to support?
6. Do you have any extended family members or friends you want to receive a benefit from your estate?
7. Conversely, are there any family members you do not want to include in your plan?
8. Will your tax obligations change over time?
9. How large is your estate?
We will help you answer these questions so we can prepare the best plan for your specific needs. At COLOMBIA LEGAL & ACCOUNTING we have the expertise to put together the most beneficial estate plan, based upon your desires and expectations. Contact us to today to take the next step toward securing your family’s future.