Wills and Estate Planning in Colombia

Wills and estate planning are fundamental to ensure your assets are protected and your final wishes are carried out under Colombian law. Whether you're a resident or an expat, our legal team helps you navigate local regulations, including inheritance taxes, property rights, and succession procedures.

With in-depth knowledge of Colombian estate law, our attorneys work closely with you to create a personalized plan, whether that involves drafting a will, setting up a trust, or defining how your assets will be distributed. We focus on safeguarding your legacy and supporting the people who matter most to you.

How will and estate planning works in Colombia

While the core principles are similar to other countries, Colombia's legal framework, succession rules, and inheritance tax laws present unique considerations that require careful legal guidance:

1. Understanding local laws:

Estate planning and wills in Colombia are governed by civil law, which differs from common law systems. One of the key distinctions is the concept of "forced heirship," which limits how freely a person can distribute their estate. Understanding Colombian inheritance law is important to ensure your wishes comply with legal constraints.

2. Drafting a valid will:

A central component of any estate and will planning process is drafting a legally valid will. In Colombia, this can be done through a public deed before a notary or as a private document. Working with a qualified attorney ensures your will is enforceable and aligned with your intentions.

3. Appointing an executor:

In your will, you may appoint an executor who will handle the distribution of your estate. A good wills and estate planning attorney can help define the executor's role and responsibilities clearly to avoid conflicts.

4. Inheritance and taxes:

Inheritance taxes in Colombia vary depending on the relationship between the deceased and the heirs. Effective will and estate planning often includes strategies to reduce the tax burden and increase the value passed to beneficiaries.

5. Trusts and legal vehicles:

While not as commonly used as in other jurisdictions, Colombia allows for trusts, foundations, and other mechanisms to structure asset management. These tools can be useful for foreigners and locals looking for robust wills and estate planning solutions that protect multi-jurisdictional assets.

6. Ongoing updates:

An effective estate planning and will strategy should be reviewed regularly. Life events like marriage, divorce, births, or major purchases can impact your estate. Updating your documents and beneficiary designations ensures your plan remains accurate and legally valid.

7. Seeking legal counsel:

The legal and tax aspects of wills and estate planning in Colombia can be complex especially for foreigners managing local or international assets. Working with a qualified attorney ensures your documents are legally valid, your plan complies with Colombian law, and your family is protected from future disputes. Expert guidance helps simplify decision-making and strengthens the legal foundation of your estate plan.

8. Execution and administration:

When the time comes, your executor and legal representatives will be responsible for carrying out your wishes as outlined in your will. This includes handling administrative procedures, asset transfers, and legal formalities. A well-structured wills and estate planning approach makes this process smoother, reduces delays, and ensures your legacy is honored as intended.

Proper wills and estate planning give you control over your legacy and peace of mind for your loved ones. Taking action now ensures your wishes are respected and your assets protected under Colombian law. If you're ready to secure your future in Colombia, our legal team is here to help.

Intestate succession in Colombia: How assets are distributed without a will

When someone dies without a will in Colombia, their assets are distributed according to the country's intestate succession laws. These laws are part of the Colombian Civil Code and determine how assets are allocated among family members. A clear understanding of these rules reinforces why proper estate planning and wills are essential to preserving control over your legacy.

• Spouse and descendants: If you leave behind a spouse and children or grandchildren, they are entitled to a share of your estate. The distribution depends on the number and relationship of your descendants.
• Spouse and no descendants: In the absence of children or grandchildren, your spouse may inherit the entirety of your estate.
• No spouse, but descendants: If you have no spouse, your children or grandchildren if a child has predeceased you will inherit equal shares of your assets.
• No spouse and no descendants: When there are no immediate family members, your estate may pass to other relatives such as parents, siblings, nieces, or nephews, depending on your family structure.

While these rules offer a default distribution, relying solely on them can result in outcomes that don't reflect your personal wishes. Proactive estate planning and wills allow you to make clear decisions about your legacy, minimize family conflict, and ensure legal certainty for your loved ones.

Timeline for setting up estate planning and wills in Colombia

The process of creating a legally valid will in Colombia depends on several factors, including the complexity of your estate, availability of notaries, and required documentation. Proper estate planning and wills involve multiple coordinated steps, typically completed over a few weeks.

1. Initial consultation

The first step is meeting with an attorney who specializes in wills and estate planning in Colombia. This consultation typically takes place within a few days of your initial contact.

2. Drafting the will

Once your assets and wishes are clearly outlined, your attorney will begin drafting the will. For simple estates, this step may take just a few days; more complex cases may require up to two weeks.

3. Notarization

The finalized draft must be signed before a public notary. Appointments with notaries usually happen within one to two weeks, depending on location and availability.

4. Witnesses

Depending on your jurisdiction, witnesses may be required during the notarization. This step is typically arranged alongside the notary appointment.

5. Optional registration

You may choose to register your will with a notary or central registry. This step is often completed the same day as notarization.

6. Legal review

After notarization, the will is reviewed to ensure it meets all legal standards. A qualified attorney ensures that your wills and estate planning documents are valid and enforceable under Colombian law.

7. Future updates

Your will can be updated at any time. Revisions are usually quick and straightforward when your original plan is clear and well-documented.

Overall, the entire process of getting a wills and estate planning in Colombia, from the initial consultation to finalizing the document, typically takes a few weeks to a couple of months, with most of the time spent on drafting and notarization. It's necessary to start the process well in advance and consult with us as we can provide guidance and help streamline the process based on your specific circumstances.

Considerations for foreigners when managing wills and estate planning in Colombia

Foreigners planning their estate in Colombia should be aware of local legal requirements and procedural differences. Proper wills and estate planning ensures that your wishes are documented clearly and your assets are protected under Colombian law:

• Legal requirements: Colombian inheritance laws and will formalities may differ significantly from those in your home country. It's important to work with a local attorney specialized in estate planning and wills to ensure full compliance and legal validity.
• Language: All wills must be written in Spanish. Your attorney will assist in preparing and reviewing the document to prevent misunderstandings or legal issues related to translation.
• Executors and witnesses: Colombian law outlines who can legally serve as an executor or witness. A qualified legal team will help you select appropriate individuals who meet these criteria.
• Asset disclosure: You'll need to provide a detailed inventory of assets located in Colombia: real estate, bank accounts, investments, and personal belongings as part of your estate and will planning process.
• Tax implications: Understanding the tax consequences of passing on assets is crucial. Coordinating with legal and tax professionals helps minimize liabilities and supports a smooth transfer of wealth.
• Will registration: While not mandatory, registering your will with a notary or central registry adds an extra layer of legal protection and simplifies future access.
• Ongoing updates: As your circumstances change, you need to update your will. Regularly revisiting your wills and estate planning ensures your wishes remain current and enforceable.
• International estate planning: If you have assets or heirs in other countries, proper international estate planning helps to avoid conflicts of law. Your attorney can help align your Colombian will with foreign legal systems when needed.
• Translations and certifications: Should you need your Colombian will translated or certified for recognition abroad, additional steps may apply. A legal professional can guide you through this process.

By addressing these factors and working with experienced professionals, foreigners can establish a clear and valid wills and estate planning strategy in Colombia, one that aligns with their global estate and secures peace of mind for the future. If you need help navigating the process, Colombia Law Connection is here to support you.

Start Your Wills and Estate Planning in Colombia Today!

Take control of your legacy with expert legal guidance. At Colombia Law Connection, we help you draft, validate, and manage your wills and estate planning documents according to Colombian law whether you're a resident or a foreigner with assets in the country.