Wills and Inheritance in Panama
Throughout our life, we work hard to accumulate assets, build wealth and improve our economic situation. It can take us years of effort and dedication, and it is of utmost importance to consider legacy or wills to anticipate the inheritance of our successors.
What occurs if I die without a will?
The answer is simple. If you aren’t prepared and don’t have a will, your assets and patrimony will be subject to a judicial process for inheritance in Panama, called probate, that can last several years.
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There are two types of probate process in Panama
In Panama, trials can be of 2 types whether the inheritance is stated (Testamentary) or not (Intestate).
Testate inheritance
A legal document complying with the laws of Panama clearly states heirs and assets distribution.
Intestate inheritance
In agreement with the law and his sound judgment, a judge will determine the heirs and the distribution of the assets.
How does it work?
Conflicts usually occur during intestate trials when successors don’t concur on who is entitled to the inheritance.
In some cases, the testimony establishes that the entire estate will be inherited by children, thus excluding the spouse from the inheritance.
If you have any doubts or concerns about a will in Panama or want to draft your testimony, don’t hesitate to contact our experts at K&B Family Office.
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Karyne Mora
Head of Legal - Partner