Esteban Rada
Colombian attorney
email: info@lawyerscolombia.com
telephone 57-311-7693976
The latest 2023 concept of Probate law in Colombia refers to the legal process that occurs when a person dies, and their estate and assets are distributed to their beneficiaries or heirs. The probate process is important as it ensures the orderly transfer of a deceased person’s property and debts. Here are some key points to understand about probate law in Colombia:
Intestacy: If a person dies without a valid will, they are said to have died intestate. In such cases, Colombian probate law provides rules to determine how the deceased person’s assets and liabilities are distributed among their heirs. The legal heirs usually include the spouse, children, parents, and other close relatives.
Will Execution: When a person dies with a valid will, the probate process involves proving the authenticity of the will and its compliance with legal requirements. The will must be written in Spanish, signed by the testator and three witnesses, and may require registration in a notary’s office.
Appointment of an Executor: The deceased person’s will may name an executor, also known as an albacea, who is responsible for managing the probate process. If there is no named executor, the court may appoint an administrator to carry out the same duties or even can be the same beneficiary.
Inventory and Appraisal: The executor or administrator is required to create an inventory of the deceased person’s assets and debts, including real estate, bank accounts, investments, and personal belongings. An appraisal of the assets may also be necessary to determine their value.
Legal Notices: The executor or administrator must publish a legal notice to inform potential creditors and interested parties about the probate proceedings. This notice gives them an opportunity to present their claims against the deceased person’s estate.
Debts and Taxes: During probate, the deceased person’s outstanding debts, including taxes, are typically paid from their estate. If the assets are insufficient to cover all the debts, specific laws determine the order of priority for payment.
Distribution of Assets: Once debts and taxes have been settled, the remaining assets are distributed among the beneficiaries according to the provisions of the will or intestacy laws. This distribution may involve transferring ownership or selling assets and distributing the proceeds accordingly.
Probate Duration: The length of the probate process in Colombia can vary, and it depends on the complexity of the estate, any disputes or challenges, and the efficiency of the executor or administrator.
Please contact us if you have any questions.
Thank you
Esteban Rada
Colombian attorney
email: info@lawyerscolombia.com
telephone 57-311-7693976
