Who is Juan Manuel Escobar?
Juan Manuel Escobar is the president of AMPI Monterrey, an association representing real estate professionals in Monterrey, Mexico. His role places him as a key figure in advocating for best practices and regulations within the real estate sector, particularly concerning wills and inheritance matters.
The Importance of Medical Certifications for Wills
Escobar emphasizes the significance of individuals over 60 years old presenting a medical certificate when drafting their wills. This measure aims to ensure that the testator is of sound mind and has full mental capacity, thereby reducing potential contests or challenges to the will.
Why are medical certifications crucial?
- To confirm the testator’s mental competence
- To prevent potential contests or challenges to the will
- To ensure that the testator’s true intentions are accurately reflected in their will
Current Challenges with Wills and Inheritance
Escobar points out that without proper regulation, wills often become sources of controversy. Common issues include family members pressuring older adults into changing their wills without fully understanding the implications or taking advantage of vulnerable individuals.
Why are wills frequently contested?
- Family members may not be well-informed about the contents of a will
- Older adults may sign wills without fully comprehending them
- Circumstances leading to exploitation or undue influence by family members
Tax Implications of Wills and Donations
According to Article 93 of the Mexican Income Tax Law (ISR), inherited assets are not subject to income tax in Nuevo León. However, there is a special fee for transferring property through inheritance.
Donations vs. Wills
- When donating property, the donor must pay registration and catastral alert fees but avoids the 3% Impuesto Sobre Adquisición de Inmuebles (ISAI) in Nuevo León.
- Escobar recommends reserving usufructuary rights when donating property, allowing the donor to maintain control until their death.
- Donations can prevent adult children from unjustly seizing parental property, as ingratitude may serve as grounds for revoking the donation.
Seeking Professional Advice
Escobar stresses the importance of consulting AMPI professionals for guidance on tax, legal matters, and best practices related to real estate transactions. Their expertise can help protect individuals’ interests and ensure their wills accurately reflect their intentions.
