Protecting Your Property: Insurance Policies and Mexican Wills

Guardian Insurance has a wide variety of insurance policies available to protect all aspects of your life ranging from health insurance, property insurance, auto liability insurance, HOA to watercraft.

Homeowners can insure their property to protect it against theft, or natural disasters with hurricane insurance and flood coverage. We purchase insurance to guard us against the unthinkable, and although it is a difficult subject, we need to address mortality, and what happens to your property if you pass away.

An important factor in protecting your family and your investment is a Mexican will.

Did you know that Mexico does not have survivors’ rights? If you die without a will, the intestate laws are not always in favor of the surviving spouse. Meaning if you pass away, your spouse may not automatically inherit your property. Without a will, the Mexican court can distribute your estate as they see fit, which often includes children of the marriage or previous relationships.

A Mexican will ensures a common law or same-sex partner is recognized as the spouse. Do not leave it up to the courts as in some cases, they do not accept the relationship as a marriage.

Some foreigners living in Mexico rely on the will they had drawn up back home, but getting the foreign will acknowledged in Mexico can be time-consuming and expensive. In the meantime, the property is in limbo until the estate is settled. Vice versa, a Mexican will is valid in Canada or the U.S. However, for the ease of administration regarding property in those jurisdictions, a will should be prepared in the U.S. or Canada. If you have a will from your home country, make sure you cross-reference your Mexican will.

You should appoint an executor, and it is beneficial if they live in Mexico. Provide the executor with both the original will and the Mexican will.

Be specific about who the benefactors of your estate are and what they are entitled to and make sure your will names the same benefactor as your fideicomiso (bank trust) to avoid any complications. The benefactor named in the trust will prevail. If your property is held in a fideicomiso, your benefactor for that property will be listed, but it will not include any other assets of your estate.

Talk to your loved ones, document your final wishes, and hire a competent lawyer in Mexico to prepare your will.