Inheritance in Colombia: What happens to assets if there are no children, spouses, or parents?

Inheritance
Source: Canva
Inheritance is essential to ensure that a person's assets and resources reach their heirs . However, sometimes special situations arise, such as the absence of children, a spouse, or parents, which make it difficult to determine who owns the assets and money. These circumstances require legal analysis to ensure fair distribution in accordance with Colombian law. How is this situation resolved?
When a person dies without leaving children, parents, or a spouse, the distribution of their inheritance in Colombia follows the order of succession established by the Civil Code. In these cases, the law determines who the heirs are and how the assets will be distributed.
According to Article 1047 of the Colombian Civil Code, if the deceased leaves no descendants, ascendants, or spouse, his or her siblings and, failing that, their children succeed him or her. The inheritance is divided into two equal parts: one half for the surviving spouse and the other half for the deceased's legitimate siblings. If there is no spouse, the entire inheritance goes to the siblings.
In the absence of siblings, the law establishes that the deceased's nephews, that is, the children of his or her siblings, will be next in line to inherit . The inheritance is divided equally among them. This succession order seeks to ensure that the deceased's assets go to his or her closest relatives.
If there are no nephews or nieces, the inheritance will go to the deceased's aunts and uncles. In this case, the deceased's full uncles (siblings of the deceased's parents) will be the ones to inherit. The inheritance will be distributed equally among them.(READ MORE: The Colombian town that seems asleep, but produces tons of gold every year )

Inheritance
Source: Canva
In situations where there are no siblings, nephews, or aunts or uncles, the law establishes that the deceased's assets will be awarded to the Colombian Institute of Family Welfare (ICBF). This agency will be responsible for the administration and disposition of the assets in accordance with current regulations. It is important to note that, in all these cases, the succession process must be carried out through a legal process before a notary or judge, as appropriate. It is advisable to seek specialized legal advice to ensure that the distribution of the inheritance is carried out in accordance with the law and that the rights of the heirs are respected.
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How do you make a will in Colombia?According to the Ministry of Justice , in Colombia, a will allows for the disposition of assets after death. There are three main types:
▪️ Open : It is drafted before a notary with three witnesses; the notary reads the contents and everyone signs.
▪️ Sealed : The testator delivers a sealed envelope to the notary with five witnesses; it is kept until death.▪️ Holographic : Handwritten by the testator, dated and signed; it is validated before a judge after death. For a will to be valid, the testator must be over 18 years of age and of sound mind. It is essential that they act freely and voluntarily, without pressure from third parties. Furthermore, the document must comply with the legal formalities according to the type of will chosen, respecting the legitimate and fourth portions of improvements, which protect certain forced heirs. It is also recommended that the will be clearly drafted, dated, and signed to avoid ambiguities or future legal problems.It is advisable to seek legal advice to ensure that the will meets all requirements , update it when there are major life changes, and keep it in a safe place so that heirs can access it without difficulty.
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