If you hold property by means of a fideicomiso, one or more beneficiaries substitutes along with its percentages to be distributed can be stipulated in the execution of the trust agreement.
Upon the death of the trust beneficiary, the substitute beneficiaries must contact the fiduciary and provide them with a certified copy of the death certificate to be acknowledge as the new beneficiaries.
Consider certain costs such as fiduciary fees, notary fees and the acquisition tax, which rate will be determined based upon the location of the property.
When purchasing a property located outside the restricted zone in Mexico, a Mexican Will is necessary to determine how the property is to be inherited upon death. The writing of a Mexican Will shall be granted before a notary public, who will deposit the Will in the General Archives of Notaries (Archivo General de Notarias).
If there is no Will (intestate successions) or if there are issues between the heirs, a competent Mexican judge with jurisdiction is necessary to be involved. Spouses, descendants, ascendants, and collateral relatives to the 4th degree have the right to inherit through intestate successions.
Whether you are planning to create an estate plan or updating an existing plan, the Propertly team can advise and assist you in this process.
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