BajaNomad - Need Mexican wills —any advice or tips?

Need Mexican wills —any advice or tips?

Marla Daily - 3-3-2012 at 10:36 AM

We need to do Mexican wills for our property in Loreto. Does
anyone with experience have any recommendations, tips or advice?
There is one month a year in Mexico when wills are allegedly half-price—September I think?

DENNIS - 3-3-2012 at 10:42 AM

Quote:

Originally posted by Marla Daily
We need to do Mexican wills for our property in Loreto. Does
anyone with experience have any recommendations, tips or advice?
There is one month a year in Mexico when wills are allegedly half-price—September I think?

Half price from whom? The Notario Publico?

Russ - 3-3-2012 at 10:48 AM

I did one at the Notary. But I had someone translate for me what I wanted before I went in.

Osprey - 3-3-2012 at 10:49 AM

We got ours at the reduced rate this January from Lizarraga # 22 in La Paz.

Quick, cheap, professional and now we are recorded with his office and the registry office in that same city.

Marla Daily - 3-3-2012 at 11:28 AM

How much did your will cost to have done?

bajajudy - 3-3-2012 at 11:29 AM

I think that March is also half price month

Osprey - 3-3-2012 at 12:00 PM

$75 dollars each (a couple needs two separate wills)

bajagrouper - 3-3-2012 at 10:28 PM

Are you getting a will because you have a fedicomisso ?

ncampion - 3-4-2012 at 07:11 AM

Had our will done by the Notario in Loreto a couple of years ago. I basically wrote it (with a little guideance from our US attorney). Had to pay to have it translated and pay the Notario to write it up and register it. Don't remember the exact costs, but guessing in was a couple hundered USD each.
We got them done here as our US estate attorney said that our US will may not be accepted my Mexico and it would be safer to just have a simple Mexican will JIC. All this so our kids can spend our money easier!!

DaliDali - 3-4-2012 at 07:16 AM

If you have a fidicamiso now, and you have designated a beneficiary, then a will is not needed to protect your property.

DENNIS - 3-4-2012 at 08:44 AM

Quote:

Originally posted by DaliDali
If you have a fidicamiso now, and you have designated a beneficiary, then a will is not needed to protect your property.

I think I'd spend the few Pesos and get the will. It may save your heirs some grief.

DaliDali - 3-4-2012 at 09:16 AM

Quote:

Originally posted by DENNIS

Quote:

Originally posted by DaliDali
If you have a fidicamiso now, and you have designated a beneficiary, then a will is not needed to protect your property.

I think I'd spend the few Pesos and get the will. It may save your heirs some grief.

Your "heirs" are fully covered from "grief" if they are listed as a beneficiary on your fidicamiso....which is a certified legal document, administered by a Mexican bank.

Fide Q???

bajaguy - 3-4-2012 at 09:23 AM

Quote:

Originally posted by DaliDali

Quote:

Originally posted by DENNIS

Quote:

Originally posted by DaliDali
If you have a fidicamiso now, and you have designated a beneficiary, then a will is not needed to protect your property.

I think I'd spend the few Pesos and get the will. It may save your heirs some grief.

Your "heirs" are fully covered from "grief" if they are listed as a beneficiary on your fidicamiso....which is a certified legal document, administered by a Mexican bank.

Does a fidicamiso cover just the house/property, or does it also cover personal property, assets and distribution of personal property and requests for dispossession of remains???

I think I would rather have a Mexican will in place. I don't want anything administered by a foreign bank.

DENNIS - 3-4-2012 at 09:24 AM

Quote:

Originally posted by DaliDali
a certified legal document, administered by a Mexican bank.

Now....there's an institution of iron clad promises. :lol:

How many times have they expropriated dollar accounts and been federalized to cover the loses of an irresponsible government?

I don't care who you place your trust in. My choice would be to hedge my bet and buy the will.

DENNIS - 3-4-2012 at 09:37 AM

By the way....banks have been known to withdraw Fideicomisos. It happened out at Punta Banda during the expropriation.

DaliDali - 3-4-2012 at 09:44 AM

I just went through this with a Mexican attorney this past week.

If you have a beneficiary listed on your fidicamiso, you do not need a MX will to protect your property.
The beneficiary simply becomes the "trustee", once the original fidicamiso trustee has died.

This same attorney suggested that any vehicles and boats that are titled in the USA, be titled as "or", or "and or"
Now those vehicles can be removed, if so desired, because your heir is also listed as an owner on the ownership documents. This heir and co-owner, can simply show any MX authorities his/her ID and the vehicle title....showing their name as an owner.

Household goods are not subject to being titled, as far as ownership rights are concerned, and become the property of the beneficiary to your fidicamiso.
Televisions do not have a pink slip.

Let's say you die. Bob, your good friend, calls your son in San Diego and informs him you have died.
The son Bob comes down to MX (insert where you live) and wants to take over your possessions, including your home and valuable vehicles.

You have previously informed your son Bob that he is listed as a beneficiary to your home ownership document (fidicamiso) and all he need do is prove that is he is in fact, Bob.
If Bob so wishes, he can have the notario re-write the fidicamiso showing Bob as the new sole trustee.
Unless then Bob wishes to insert his new beneficiary.

Now Bob is free to sell, rent, bulldoze or whatever to his parents home.

If Bob is also listed as a co-owner to any vehicles, he simply proves that he is Bob and is in fact a listed owner on an ownership document.. Bob is then free to remove the vehicles if he so chooses...because he is in fact, an owner.

[Edited on 3-4-2012 by DaliDali]

[Edited on 3-4-2012 by DaliDali]

DaliDali - 3-4-2012 at 09:54 AM

Quote:

Originally posted by DENNIS

Quote:

Originally posted by DaliDali
a certified legal document, administered by a Mexican bank.

Now....there's an institution of iron clad promises. :lol:

Far be it from me to advise you how to spend your money.

I am only relaying what a MX attorney told me regarding fidicamisos and beneficiaries.

In fact, I suggest you consult with a MX attorney and get the scoop direct from the horses mouth.
If your told you need a MX will, by all means do it.

[Edited on 3-4-2012 by DaliDali]

DaliDali - 3-4-2012 at 09:56 AM

Quote:

Originally posted by DENNIS
By the way....banks have been known to withdraw Fideicomisos. It happened out at Punta Banda during the expropriation.

And American banks have gone teets up....so what is your point?

DENNIS - 3-4-2012 at 10:01 AM

Quote:

Originally posted by DaliDali
And American banks have gone teets up....so what is your point?

My point?? I think this statement of trust in a Mexican bank makes it your point:

Quote:

Originally posted by DaliDali
a certified legal document, administered by a Mexican bank.

DaliDali - 3-4-2012 at 10:02 AM

Quote:

Originally posted by DENNIS

Quote:

Originally posted by DaliDali
a certified legal document, administered by a Mexican bank.

Now....there's an institution of iron clad promises. :lol:

If your trust level of MX banking institutions is so low, how do you then square with a MX will being the savior of all your worldly possessions?

Is a MX will somehow more "secure" than a international banking institution?

[Edited on 3-4-2012 by DaliDali]

DENNIS - 3-4-2012 at 10:05 AM

Quote:

Originally posted by DaliDali
Is a MX will somehow more "secure" than a international banking institution?

It's the Barney Fife syndrome. Why go into a gunfight with only one bullet?

DaliDali - 3-4-2012 at 10:15 AM

Quote:

Originally posted by DENNIS

Quote:

Originally posted by DaliDali
And American banks have gone teets up....so what is your point?

My point?? I think this statement of trust in a Mexican bank makes it your point:

Quote:

Originally posted by DaliDali
a certified legal document, administered by a Mexican bank.

How you managed to deduce that I have trust in MX banking institutions from your quoted statement is beyond me.
Certified document...truism
Administered by a MX bank....truism.
Trust?....I am still looking for that word....standby.

DaliDali - 3-4-2012 at 10:23 AM

Quote:

Originally posted by DENNIS

Quote:

Originally posted by DaliDali
Is a MX will somehow more "secure" than a international banking institution?

It's the Barney Fife syndrome. Why go into a gunfight with only one bullet?

In other words it's a crap shoot as far as your concerned and you would rather spend your money on having a will prepared.

Nothing wrong with that at all. Go for it.

Now your faced with "am I dealing with an honest attorney who is not just out for my money", to prepare me a will, he says I really need, when in fact I do not.

DENNIS - 3-4-2012 at 11:14 AM

Quote:

Originally posted by DaliDali
Now your faced with "am I dealing with an honest attorney who is not just out for my money", to prepare me a will, he says I really need, when in fact I do not.

No. Not at all. I wouldn't ask or listen to an attorney and would prefer to make my own decision. I can do that.
Besides....I quit trying to micro-analyze the possibilities down here long ago. I just lump it all into one big bag with the "It's Mexico" label on it.

By the way....it's too early on this beautiful day to deal with egregious oxymarooons...i.e. "honest attorney."

MitchMan - 3-4-2012 at 12:10 PM

Not taking sides here at all. Both Dennis and Dali have have made good points and I think that they actually have plenty of common ground and their positions are not mutually exclusive.

But, the following quote made me laugh out loud because there is a part of me that resonates with the message here:

Quote:

Originally posted by DENNIS
I quit trying to micro-analyze the possibilities down here long ago. I just lump it all into one big bag with the "It's Mexico" label on it.

There is a long and really good thread in this forum that deals with Mexican real estate law, about 28 pages. Fascinating read, learned a lot, but it made me paranoid about holding property in the Baja. Recently there was a thread about carrying a knife as a Mexican felony offense. There have been threads about Tacoma trucks being targeted for theft in the Baja. That made me paranoid. Tourists got hijacked on a bus tour just outside of Puerto Vallarta. There is a thread going on right now that says B of A no longer lets you withdraw pesos from Santander Bank without fees. Every year they keep changing the rules for getting your FM3/FM2. Now you even have to get a CURP. The fishing keeps deteriorating. On and on and on.

If you listen to everything written about life and times in the Baja, you'd be scared straight, paralyzed, and paranoid. But, I have decided that I still want to enjoy the Baja, so I'm trying to quit micro-analyzing (fat chance) and lump it all into a bag called "Mexico" and get on with my life.

[Edited on 3-4-2012 by MitchMan]

[Edited on 3-4-2012 by MitchMan]

Osprey - 3-4-2012 at 01:56 PM

My wife and I are realy hunkered down here and our stuff doesn't move around so wondering what would happen to it if we died made me get on the computer one day, pull up a standard U.S. blank will, amend it to suit our wishes, signed it and had it witnessed. Then I researched that a little and decided, that it, like most documents in English, wouldn't have much force in Mexico.

Notarios make wills which become public record and once recorded (in our case in the registry office in La Paz) might greatly help our heirs take the stuff back to the states, sell it here, give it away, etc. Our Bank Trust does not spell out survivor wishes, just names a beneficiary so without a will, whoever survives can change everything against the original wishes of the spouse/owner/deed holder/pink slip holder. For $75 bucks a piece it is some extra insurance against what Mexico, or your survivor could do to people you care about after you're dead and gone. Scary thought!