Each September, Mexicans are encouraged to have a Will drawn up. If you are a foreigner who owns property here in Mexico, you also should have a Will created in Mexico. Notaries and the government offer important rebates during this time. In some areas the rebate extends into October.
As a property owner in Mexico, if you die without a Will the Mexican government will be responsible for liquidating your estate and distributing your assets. There are no survivor rights in Mexico – a spouse does not automatically inherit – and property held in Trust may not be enough protection for you and your family.
If you rely on a foreign Will, you are required to have a professional translation and verification made by a recognized translator. If there is no Will your surviving spouse might not inherit the estate. The court will distribute the property as it sees fit and may include ex-spouses or in-laws.
Your Fideicomiso protects the heirs named as your substitute beneficiaries. However, there have been cases in which the bank trustee failed to transfer the property. The substitute beneficiary is entitled only to the property and not possessions, such as cars, bank accounts, insurance, or business interests.
So it’s in our best interest to head for a notario and take advantage of the descuento this month!
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