14 Jun Bolivia: Succession and Inheritance
Bolivia: Succession and Inheritance
Our law firm provides consultancy services regarding succession and inheritance in Bolivia. In addition, our expert attorneys can also handle estate planning in order to make the most tax-efficient plan for the distribution of your assets and the provision for your family.
Probate & Succession Department
To begin with, an estate consists of all the assets and property a deceased person owned.
Our Probate & Succession Department has many years of proven experience in Bolivia regarding testate and intestate estate administration. Testate means that the deceased person did actually draft a valid will. On the other hand, intestate means that there is no will.
Our outstanding attorneys can also provide professional advice to executors and administrators as to their rights, responsibilities, and obligations.
Moreover, we can also assist surviving spouses, civil partners, children, and other family members of a deceased person.
Probate & Administration of Estates
Experience and expertise are our trademarks as regards probate and the administration of estates. Therefore, we are fully aware that careful planning is necessary in order to minimize potential taxation liability.
Furthermore, we can achieve a tax-efficient transfer of assets and family business, as well as handling any type of disputes arising from probate or trusts.
Coca Leaves: The new Constitution in Bolivia has included an entire article on coca leaves. The article states as follows:
Article 384. The State protects the original and ancestral coca leaf as a cultural patrimony, a renewable natural resource of Bolivia’s biodiversity, and a factor of social unity. In its natural state, it is not a narcotic. Its production, marketing, and processing shall be controlled by law.
Therefore, coca leaves can also be part of an inheritance.
Frequently Asked Questions
– What types of inheritances are there in Bolivia?
Bolivia essentially abides by two types of probate procedures: The Sequential Testamentary Dispositions and Successions Ab Intestate (without a testament).
As a matter of fact, we hold a proven record of success in handling both types of successions in Bolivia.
-What is a CUJUS?
The word CUJUS is used in Bolivian inheritance law to refer to the “decedent”, “from which the good or the right proceeds.”
– What is a Final Will and Testament?
A will or testament is a legal statement by which someone -the testator- appoints one person (or more) to manage their estate. In addition, it provides for the transfer of their property upon their death.
There are several types of wills: written holographic will, sealed will, and public will.
– Who can make a will in Bolivia?
Anyone over the age of 16 can make a will, as long as they have testamentary capacity.
– What is “property of the deceased” in Bolivia?
It may include any type of asset a spouse, testator, or deceased person owned before marriage. It may also be those assets, as well as movable and immovable property (i.e. cars and real estate) received as an inheritance, gift, or donation, during their marriage.
– What is the “legitimate portion” in an inheritance in Bolivia?
It is the portion of the inheritance that -by law- belongs to the forced heirs. Thus, the testator has the right to give to someone only the percentage stated by law. In fact, this is to prevent affecting the rightful portion of such heirs.
Nevertheless, if there are no descendants or adoptive children, the legitimate portion is 2/3 of the estate. The remaining 1/3 is the available portion that the deceased person may donate, whether through donations or legacies, in favor of relatives or strangers.
– What are the immediate steps when someone close to me dies in Bolivia?
First, you need to preserve the information you will need to complete the succession. This consists of information about the decedent, such as date of death, last residential address, and a valid last will -if any-. Next, you should also contact his/her heirs or legatees.
Second, you should try to collect all the bills, stocks, bonds, other securities, and bank statements. However, if they are not available, you should request them at the corresponding agency or bank.
Indeed, it is also important to keep all the bills from the funeral and burial services (unless the decedent had pre-paid his funeral expenses). They are administrative expenses of the succession. They differ from all the other regular bills the decedent had at the time of death.
Last, if the decedent died testate, it is important to secure the original testament. If you try to probate a copy of a testament, the judge will assume that the decedent destroyed the original with the intent to revoke it.