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 This article is a continuation of our previous articles, on how to allocate your assets in Panama and from Panama, when you are gone. We have already spoken about how to issue wills in Panama and the Private Interest Foundations as an alternative to a Will. Now we’ll speak about your Will that has been issued abroad.
Testaments issued abroad and that contain your wishes concerning assets in Panama, are valid, but you have to follow certain procedures in order to validate them in Panama, depending on where you “open” the Will.
Situation A: If your will is processed in your country of origin, the Inheritance Process will start there. Once the probate judge has allocated all of the assets (including those in Panama) to the rightful heirs, then that ruling has to be sent to Panama so that a Panamanian judge can validate the ruling (exequatur) and confirm the ruling of the foreign judge. thus you can have a foreign will to dispose of your assets in Panama but it needs to go through the court in each country. It is the ruling of the foreign judge and not the will itself that needs validation in Panama.
But be wary, for even though the assets abroad might be allocated according to your wishes because of this ruling, it doesn’t necessarily mean that the Panamanian judge will follow suit with assets in Panama. If, for example, there are potential heirs in Panama the judge here may rule in their favor and against what you believed to be the clearly stated intent of your will.
Situation B: …will be covered on a separate article.
Until then, be safe and be careful.
Sincerely,
The nice people at LEGALCORP.
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