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Will Preparation in Panama 

In general, a will is the legal declaration a person makes establishing their wishes for the disposition of their assets or possessions after death.  The primary purpose for making a will is to ensure that your property is distributed to the people you want to receive it, in the manner and in the proportion that you want.  

If you die intestate (without a will) in Panama, your property located in Panama will probably be distributed to your family members, but it might not be distributed according to your wishes.  Furthermore, the estate will incur legal fees of between 10 to 30%, depending on which lawyers are chosen to act on behalf of the estate.  

When you are considering preparing a will, you should bear in mind that it needs to be tailored to your own particular needs and those of your family or close friends.  You need to also consider the issues of conflict of laws, where there are assets in more than one jurisdiction or where you have residence in more than one country.  These issues may affect the outcome of a probate process.  

If you have minor children, then you need to also consider issues of guardianship, as well as the management of the funds until they reach legal age (or the age which you consider they will be able to manage the funds on their own behalf).  

Please also bear in mind that where you keep the will may also be very important.  It is not always good policy to keep your will and other information and documentation that might be needed shortly after your death (such as burial arrangements or a title deed to a burial plot) in a safety deposit box in your bank.  Why?  Because the Bank may consider that the safety deposit box should not be opened until done so in the presence of the proper authorities or upon the issuance of a court order.  But, you do need to make sure that the papers are kept in a safe place, and that members of your family or close friends know where to find these papers.  

In order to prepare for making a will which will be effective in Panama, you should note down the following things: 

1. What property do you have in Panama?  Real Estate? Personal Property? Bank accounts? 
2. Where is this property located - i.e. is it completely situated in Panama or may it be considered to be located in more than one jurisdiction?  What jurisdiction (laws) will the property be subject to? 
3. Where is your legal residence?  
4. Who will be your beneficiaries?  Are there any people who would be considered to have a legitimate interest (spouse or children) that you wish to exclude?  Are there particular reasons or circumstances that you wish to exclude them?  
5. Who will be the executor of the will?  If that person is not available (for example, they pre-decease you), who is the substitute executor?  
6. Do you have any minor children or grandchildren that need to be taken into consideration?  Who is(are) their guardian?  Will this guardian have full right of management of their share of the estate?  
7. Are there particular assets which are not to be sold, but rather are to be passed on, with a restriction against sale?  Are there any conditions which you are attaching to any property, such as legacies?  

For information regarding the formalities and types of wills in Panama, please see:  Formalities of Making a Last Will & Testament in Panama and Intestate Probate. 

See also: Conflict of Laws - Application of Foreign Wills to Property Located in Panama.   

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Last modified 26-Sep-2007 17:38 -0400

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Last modified 26-Sep-2007 17:37 -0400