Mexico Connect
Forums  > General > General Forum


jreboll

Dec 6, 2014, 5:09 PM

Post #1 of 5 (2499 views)

Shortcut

Usufructo vitalicio

Can't Post | Private Reply
A friend suggested drawing up a "usufructo vitalicio" instead of a will. Is anyone familiar with this term and explain to me what it means.



mcm

Dec 7, 2014, 11:26 AM

Post #2 of 5 (2434 views)

Shortcut

Re: [jreboll] Usufructo vitalicio

Can't Post | Private Reply
Usufructo vitalicio means ''life interest''. As far as I know (I am not a lawyer in Mexico or elsewhere), it is not an ALTERNATIVE to a will (definitive disposition of property after death), but could be a part of your will. So, you could leave someone a ''life interest'' in some property, and after the death of that person, the property would be turned to over to the heir or heirs. This is a way to ensure the welfare of a widow/widower while also ensuring that there is property left to children, for example. I would definitely check with a lawyer (Mexican, if you're concerned about property in Mexico) to clarify.


Aaron+

Dec 8, 2014, 4:37 AM

Post #3 of 5 (2380 views)

Shortcut

Re: [mcm] Usufructo vitalicio

Can't Post | Private Reply
With a testamiento (will) in Mexico, any property distribution of the will has to go before a (Mexican) court for settlement. The beneficiaries normally must be present during the process, which can be drawn out. Any challengers to the will may present their case.

With a "usufructo vitalico" the formal property transfer takes place prior to the death of the subject of the document. Thus, if we were to transfer property to a son, the property would then be normally irrevocably his property, though, as I understand it, there could be in the agreement our right to occupy the property until the last of us died.

I hope that is accurate. That is how our attorney in Merida explained it to me. This alternative process has a higher up front cost for legal services than a simple will. I was quoted 8000 pesos as against several thousand for a will. It sure sounded like a rip off to me. However, the attorney argued that the will process settlement can wind up costing more, taking much more time, and be subject to possible judicial revision (and meddling).


Oaxagringo

Dec 8, 2014, 3:52 PM

Post #4 of 5 (2321 views)

Shortcut

Re: [Aaron+] Usufructo vitalicio

Can't Post | Private Reply

In Reply To
With a testamiento (will) in Mexico, any property distribution of the will has to go before a (Mexican) court for settlement. The beneficiaries normally must be present during the process, which can be drawn out.


Beneficiaries are not usually required to be present. Even in cases without a will, they may not be required to present themselves before a court.


jreboll

Dec 9, 2014, 11:59 AM

Post #5 of 5 (2275 views)

Shortcut

Re: [Oaxagringo] Usufructo vitalicio

Can't Post | Private Reply
I thank everyone for your comments. Years ago when my father-in-law died without a will we ended up in a long drawn out legal battle that lasted years. We wish to avoid any problems when we pass on.
 
 
Search for (advanced search) Powered by Gossamer Forum v.1.2.4