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Last Will and Testament

For Securing Your Legacy and Protecting Your Loved Ones

Ensure your assets are distributed according to your wishes and provide financial security for your loved ones.

IN A NUTSHELL

A Last Will and Testament (Testamento) is a legal document that allows you to specify how your assets will be distributed after your death. It also enables you to appoint an executor to manage your estate and a guardian for your minor children, if applicable.

In Panama, creating a legally compliant will ensures that your wishes are respected, avoids potential disputes among heirs, and simplifies the probate process. Without a will, your estate will be distributed according to Panamanian intestacy laws, which may not align with your intentions.

WHY YOU NEED A LAST WILL AND TESTAMENT

A Last Will and Testament is one of the most important legal documents you can create to protect your family and secure your legacy. Here’s why:

  • Control over asset distribution: Specify exactly how your property, finances, and personal belongings will be distributed.
  • Appoint an executor: Choose a trusted individual to manage your estate and ensure your wishes are carried out.
  • Protect minor children: Designate a guardian to care for your children if you pass away.
  • Avoid family disputes: Clearly document your intentions to prevent conflicts among heirs.
  • Simplify the probate process: A valid will can make the legal process faster and less costly for your loved ones.

In Panama, the Civil Code (Código Civil) governs the creation and execution of wills, making it essential to ensure your document is legally compliant.

COMBINE YOUR WILL WITH OTHER LEGAL DOCUMENTS

For comprehensive estate planning, we recommend pairing your Last Will and Testament with:

  • Legal Guardianship Declaration (Declaración de Tutela): Appoint a guardian for your minor children.
  • Healthcare Power of Attorney (Poder de Representación para Decisiones Médicas): Designate someone to make medical decisions on your behalf if you are unable to do so.
  • Advance Healthcare Directive (Directiva Anticipada de Salud): Specify your preferences for medical treatments.

Legal experts in Panama advise combining these documents to ensure your family is fully protected in all aspects.

IMPORTANT NOTES

  • In Panama, there are several types of wills, including holographic wills (handwritten), notarial wills (prepared by a notary), and closed wills (sealed and presented to a notary).
  • It is recommended to review and update your will every 12 months or whenever your personal or financial circumstances change (e.g., marriage, divorce, birth of a child, or acquisition of significant assets).
  • Ensure your executor and guardian are willing and able to fulfill their roles.

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FREQUENTLY ASKED QUESTIONS

What happens if I don’t have a Last Will and Testament?

Without a will, your estate will be distributed according to Panama’s intestacy laws, which may not reflect your wishes. This can also lead to delays, disputes, and additional costs for your loved ones.

Who can I appoint as an executor?

You can appoint any trusted individual, such as a family member, close friend, or legal representative, who is capable of managing your estate.

Can I change or revoke my Last Will and Testament?

Yes, you can update or revoke your will at any time. It is recommended to review it annually or whenever your circumstances change.

Is a Last Will and Testament legally binding in Panama?

Yes, it is recognized under Panama’s Civil Code, making it a legally enforceable document.

What if I own property outside of Panama?

If you own assets in other countries, you may need to create a separate will or consult an international estate planning expert to ensure compliance with local laws.

GET STARTED TODAY

Create your Last Will and Testament online in just a few simple steps. Secure your legacy and protect your loved ones with a legally compliant will.

Create Your Will Now

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