The number of long-term foreign residents in Mexico is rising and yet a remarkable number of foreigners living here have never considered the implications on their loved ones and their estate if they die in Mexico. And of those that have, many have applied the manaña principle to addressing the matter.
The estates of tourists and temporary visitors who come to Mexico for a short period are not affected by this issue as they are most likely to be legally domiciled in their home country, where their will would be read and interpreted, regardless of where in the world they die.
However, for residents living in Mexico (and those planning to make Mexico their primary residence, or legal domicile), it’s important to ask the question: How will my estate and loved ones be affected when I die in Mexico?
It’s a simple question with complex answers, and taking the time to consider your present circumstances and plan for your passing in Mexico will ensure that your loved ones will not be left dealing with complex legal matters, and that your assets and other interests are dealt with according to your wishes when you die.
Mexico’s legal system is markedly different from places such as the US, Canada, and other European countries, hence the importance for foreigners living in Mexico to acquaint themselves with local laws and customs—and prepare their estate accordingly.
Murry Page, a qualified lawyer from the United States, has written a guide for foreign residents living in Mexico which helps to create a road map to help you plan your affairs and put your house in good order so that your wishes have legal force here when you die.
The guide helps to confront a number of essential matters which, in turn, will help you to plan your estate in Mexico, for example:
- Will you need a Mexican will, even if you have one drawn up in another country?
- What other documents should you prepare and sign?
- What will happen to any property you may have acquired in Mexico?
- Have you considered appointing an attorney-in-fact, and what options are available?
- How does your legal residence status affect your estate when you die?
- What is the role of your country’s consulate, and how will your next-of-kin be notified?
These are just some of the questions the guide addresses and which will serve as a basis for important conversations with your own lawyer and local Notary Public.
Estate Planning in Mexico will stimulate thought-trains that you need to set in motion to begin to get your affairs in order; it will also help you to consider how any existing intentions you have legalized abroad will be affected by you living in Mexico, and what steps you may have to consider to ensure that your wishes are legally enforceable under Mexican law.
The eBook is a catalyst and a road map to help you plan your estate in Mexico. It’s filled with lots of practical advice, check-lists, and sets of relevant forms which are prepared to help you get your thoughts together and your affairs properly organized.
If you’re living in Mexico and been putting-off matters related to your estate, or if you plan to move to Mexico and want to ensure that your assets and interests are protected when you die here, this guide provides an essential research and planning tool.
You can download a preview of Estate Planning in Mexico and the eBook is available for immediate download from our eBooks Shop.
There is no better time to start planning for the inevitable than right now, and by taking action today your loved ones will be grateful and your interests will be better served.