"Elegir la herramienta adecuada para la sucesión patrimonial es un paso crucial para asegurar el legado familiar."
Patrimonial planning is one of the most important decisions you can make to ensure the future of your loved ones and ensure that your goods are distributed according to your wishes. Among the most common tools to organize your heritage succession are the will and trust. Each has particular characteristics that can affect the way your assets are managed and distributed after your death. Knowing the key differences between the two is crucial to make the best decision, adapted to your personal needs and objectives.
The fundamental difference between a will and a trust lies in its operation and the implications for the heritage succession. Next, we break down the key aspects of each one:
Activation
- Testament: only enters into force after the death of the testator. It is necessary that the will be validated by a court in a judicial process called succession.
- Trust: It is activated immediately after its creation, allowing the management of goods during the life of the trust and its subsequent distribution without judicial intervention.
Judicial process
- Testament: It generally requires a judicial succession process, which can be long and expensive, since the court validates the will of the deceased and distributes the assets.
- Trust: since it is not necessary to submit it to judicial validation, the succession process is avoided, allowing a faster and faster transfer of assets to the beneficiaries.
Privacy
- Testament: It becomes a public document once it appears in the Court, exposing details of the heritage and how the goods will be distributed.
- Trust: It remains private, since it should not be presented before a court, which guarantees confidentiality on both goods and beneficiaries.
Flexibility and control
- Testament: establishes how the goods will be distributed, but does not offer control over its management after the death of the testator.
- Trust: It allows to establish precise conditions on the distribution of goods and the administration of assets, even during the life of the trust.
Beneficiaries
- Testament: The beneficiaries receive their assignments at once, once the heritage has been liquidated.
- Trust: Beneficiaries can receive gradual distributions, according to the conditions established in the trust.
“A trust offers greater control and privacy, while a testament can be more accessible, but with important limitations.”
Costs and maintenance
- Testament: It generally has a lower initial cost, but the judicial succession process can generate additional expenses.
- Trust: Although the initial cost of its creation is usually higher, in the long term it can be cheaper by avoiding the costs associated with the judicial succession.
Reflections for those who will plan your heritage succession
When deciding between a will and a trust, it is important to reflect on the following aspects:
- Personal goals: What do you want to achieve with your patrimonial planning? Prioritize privacy and control over goods, or the simplicity of a will?
- Complexity of your heritage: If you have significant or complex assets, a trust can provide you with the necessary flexibility to administer such assets.
- Family relationships: Do you want to establish specific conditions for the distribution of your goods or do you prefer that everything is more direct? Think about how these decisions will influence family dynamics.
- Costs and time: Evaluate whether you are willing to invest more time and resources in the creation and maintenance of a trust, or if you prefer the simplest and most economical option of a will.
What is the best option for you?
The trust offers significant advantages in terms of control, privacy and flexibility. It is an adequate tool for those who wish to maintain the confidentiality of their heritage, avoid long and expensive judicial processes, and have greater control over the distribution of their assets, even during their life. However, their cost and complexity can be a barrier for some.
On the other hand, the will remains a valid and more accessible option, especially for those with simple assets or those who do not seek detailed planning. Its judicial process can be slower and expensive, but it is the easiest option to implement.
Patrimonial planning is not a decision that must be taken lightly. Before choosing between a will and a trust, reflect on what really matters for you: control, privacy, speed or simplicity.
Whatever your choice, the most important thing is that you make an informed decision that protects your family legacy and ensure that your goods are distributed in the way you want. Do not hesitate to consult with an expert to make sure your heritage planning adjusts to your needs.
In patrimonial planning, there is no single correct answer, but one that best suits your needs. Take the time necessary to assess which tool is the best for you and your family, and make sure your legacy is protected according to your wishes.
About the author:
Twitter: @mariorizofiscal
The opinions expressed are only the responsibility of their authors and are completely independent of the position and the editorial line of Forbes Mexico.
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