Monday, February 17, 2014

Are you prepared? Estate Planning in Mexico

A recent and thoughtful article article regarding something we don't like to think about: Estate Planning.

If you own your property in a fideicomiso, that portion your estate planning has been done for you. In your fideicomiso, you have appointed secondary beneficiaries. So, you are set regarding what is probably your largest asset in Mexico.

However, do you have everything in place if something should happen to you while you are here? What about your car, bank accounts, and other assets?

This article is worth a read.

As a note: Any legal documents that you have from your home country, like your Birth Certificate or Marriage License must receive an apostille. If your country doesn't have an apostille -- Canadians, I am talking to you --  then you have to get your domestic documents verified through your Mexican Consulate. 
After your documents have received an apostille (or are verified through the Mexican Consulate), you can bring down the documents and them translated by a certified translator here in Mexico. There are several of them in Cancun. Claveria & Asc is a company that we have used in the past and have been happy with.

Another consideration, which this article doesn't mention, but I think is worth doing since we are on the topic of being prepared --- Do you have emergency medical coverage in Mexico? Do you have coverage to would pay to have you medically evacuated to your home country in an emergency? It's important to realize that some private and many government insurances don't cover medical claims in foreign countries or medical evacuations. If you are on a short term stay abroad, then trip insurance can cover you. If it is a long term situation, look for optional riders to your primary coverage to be certain you are covered when you leave your home country's borders.

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Amber Pierce-Schulz is the Broker/Owner of Mayan Riviera Properties, specializing in Puerto Morelos Real Estate and Puerto Morelos Vacation Rentals. We are members of AMPI and Federally Certified Realtors.