The importance of the will itself is nothing other than a way to exercise the Property Law so that its provisions are fulfilled after the death of the testator, especially with regard to the transfer of your assets that comprise both your assets, that is, their transferable assets and rights, such as their liabilities, that is, the debts and obligations that they contracted while alive

But, in very few instances we think of something inevitable and essential: death ourself. And we’re not talking about pessimism, it is about being proactive before the inevitable fate all humans should face one day.

On one hand, we have  goods and personal assets, and on the other hand, we have relationships with family, colleagues, friends and other people.  When someone dies, both dimensions, the material and the relationships, remain, and there’s a need to define what to do with the deceased’s property.  This is when talking about a fundamental document, the will, becomes so important.

What is the importance of the will: a fundamental document?

We, all, have heard stories about the problems involving inheritance; from the most novelistic to authentic legal entanglements arising from the absence of a will or because of problems in its content.

Yet, few people take the time to learn how to write a will or what the requirements are for writing an efficient will,  or how to execute it. These are important and necessary questions when preparing or executing this important document.

The will is the last wishes of a person, where an individual choses what he wants to be done with his/hergoods and private property after his/her death. It is a legal document that defines who the testator is (the one that writes the document), which goods are inherited, how those assets will be distributed and who will receive them as heirs (family, partner, friends, and even institutions), there is the importance of the last will

What goods/assets can be inherited?

Among the assets that can be inherited are: real estate properties, cars, art, securities, sums of money, personal items, business, exploitation rights, shares, among others.

Also, there are certain “rules” that can be determined regarding the inheritance of the assets, such as the age for an heir to receive a good, or the need for prior action to receive the same.

There is a long history of legal evolution regarding the Inheritance Law in Costa Rica, and today is widely regulated by the law. Writing a will might prevent us from serious problems regarding the goods and personal estate once we die, and will prevent the family to be involved in a costly probate proceeding, there is the importance of the last will

Types of wills in Costa Rica

There are two types of will in Costa Rica, the open will and the closed will. Followed, a description of how to prepare both types of will.

Makind a closed will?

• The testator writes it, with confidential content, and can be hand writting or written digitally. Must have the testator‘s signature.
• It is submitted before a notary public in a sealed envelope with wax, in pressence of at least two witnesses.
• A public deed is signed by all the present, stating that it was received from the hands of the testator, the number of pages the document has, and if it has erasures or annotations added. The envelope is also signed by all present.
• The testator is responsible for safeguarding the document and it can only be opened after his death and before a Judge.

Every person lives different situations during their lives, but no one is certain of the future. It is worthwhile to pause and protect your property and personal assets and have them secured after the dead. These procedures are not complicated and to make a will may be one of the most important and reassuring decisions you can take today.

ERP Lawyers and the importance of the will

If you need assistance with the importance of the last will, or Inheritance Law in Costa Rica, at ERP Lawyers & Associates we can assist you with useful legal advice. We are more than willing to help you with this important document and everything related to testamentary trusts.

You can contact us through our website or by phone, and we’ll gladly assist you:

• Contact Form
•  info@erplawyers.com
• (506) 2520-1122