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How to create a will in Colombia and protect your assets
Estate planning isn’t just for the wealthy. If you own a property, have a partner or kids, or simply want peace of mind about the future, creating a will (testamento) and organizing your estate in Colombia is one of the smartest decisions you can make.
Without a will, Colombian law decides who inherits your assets. With a solid plan, you decide, and you can:
- Keep control over your assets
- Support the people you care about
- Avoid legal complications and tax surprises
What’s Included in an Estate Plan in Colombia?
A good estate plan in Colombia goes beyond just writing a will.
It’s about organizing everything that matters — your assets, your wishes, and the people you want to protect. Here’s what should be part of your plan:
✅ A Valid Will
Your will is the legal document that expresses your wishes. In Colombia, it can be:
- Open – read aloud and signed in front of a notary and two witnesses
- Closed – sealed and only opened after death, but still notarized with witnesses
Even if you’re a foreigner, you can legally create a will for your Colombian assets. It’s a smart step to avoid confusion or conflict later on.
✅ A Clear Inventory of Your Assets
Before making decisions, it’s essential to understand what you own:
- Real estate, vehicles, financial accounts, investments, and business shares
- Whether those assets are held personally, jointly, or through a company
This inventory helps ensure nothing is left out of the plan.
✅ Naming Your Heirs
Colombian inheritance law includes forced heirs (herederos forzosos) such as your children and spouse — they’re entitled to a portion of your estate no matter what.
But the good news is, you still have flexibility: up to 25% of your estate can go to whoever you want.
✅ Special Instructions (if needed)
Estate planning is also about personal wishes. You can:
- Assign a guardian for your children
- Indicate who should care for your pets
- Leave clear funeral or healthcare instructions
These details might not seem urgent now, but they offer peace of mind later.
✅ Smart Tax Planning
Inheritances in Colombia aren’t subject to a separate “inheritance tax,” but they are considered income for the person receiving them.
That means early planning matters — with tools like lifetime donations (donaciones) or trusts (fideicomisos), you can reduce future tax burdens for your heirs.
Legal Background You Should Know (2025 Update)
Estate planning in Colombia follows a specific legal framework. These are the main rules and institutions involved:
- Colombian Civil Code (Articles 1012–1054)
Outlines the general rules of succession and how estates are divided - Law 29 of 1987 and Law 1934 of 2018
Regulate how wills must be created and notarized - DIAN (Colombia’s Tax Authority)
Treats inheritances as taxable income (per Article 36-3 of the Tax Statute)
Superintendencia de Notariado y Registro
Manages the public registry, will registration, and transfer of property rights
Can Foreigners Make a Will in Colombia?
Absolutely. If you have property or bank accounts here, you should have a local will — even if you already have one back home.
It keeps things simple and avoids delays or conflicts during the probate process (proceso de sucesión).
A Colombian will only affects your assets in Colombia, unless you coordinate a broader plan with lawyers in both countries.
What Happens After Someone Passes Away?
Understanding the Probate Process in Colombia
Even with a well-prepared will, there’s still a formal process that must take place before any assets can be transferred to your heirs.
This process is known as succession (sucesión), and in Colombia, it ensures that all legal and tax matters are resolved before your estate is distributed.
Here’s how it works:
Step 1: Start the Succession Process
This is the official opening of the estate. It can happen in two ways:
- Voluntary succession: If all heirs agree, the process can be done quickly before a notary.
- Judicial succession: If there’s a disagreement or a missing heir, the case must go to court.
Step 2: Asset Valuation
All the assets in the estate — especially real estate — must be appraised. This valuation is essential for both legal and tax purposes and can be based on cadastral or commercial values, depending on the case.
Step 3: Settle Debts and File Taxes
Before distributing anything, all outstanding debts must be paid. Additionally:
- The inheritance must be reported in the income tax return (declaración de renta) of the heirs.
- Any tax obligations or penalties must be cleared.
Step 4: Distribute the Assets
Once debts and taxes are handled, the remaining estate is officially divided among the heirs according to the will (or legal rules if there is no will).
Tools to Make Estate Planning Even Stronger
Beyond a traditional will, there are other tools you might want to consider — especially if your situation involves complex assets, cross-border issues, or specific wishes about your care.
Here are three powerful strategies we often recommend:
Living Wills or Medical Directives
This lets you state your medical preferences in advance, in case you’re ever unable to make decisions for yourself. It’s a way to give peace of mind to your loved ones and make sure your values are respected.
Lifetime Donations
You can transfer part of your estate while you’re still alive. This helps reduce the taxable value of your estate later and can simplify the probate process for your heirs.
Trusts
If your estate is complex — especially if it involves foreign assets or beneficiaries in different countries — a trust can help protect and manage those assets with more flexibility. It’s also useful for families that want long-term control or gradual asset distribution.
Planning your estate in Colombia is about more than paperwork — it’s about clarity, peace of mind, and making sure the people you care about are supported.
Whether you’re already settled in Colombia or just starting your journey here, we’re ready to help you plan wisely.
Contact us today — and take one more step toward peace of mind.
Get started with a free case assessment
What will happen after you fill out this form?
After submitting the form, your case undergoes a comprehensive review by our team of specialist to assess its viability. Providing clear and concise information about your objectives accelerates this process.
Subsequently, a specialist will be assigned to your case, reaching out to you within a day to clear up details about your case and outline the next steps to help you achieve your goals.
Get started with a free case assessment
What will happen after you fill out this form?
After submitting the form, your case undergoes a comprehensive review by our team of specialist to assess its viability. Providing clear and concise information about your objectives accelerates this process.
Subsequently, a specialist will be assigned to your case, reaching out to you within a day to clear up details about your case and outline the next steps to help you achieve your goals.