Making a will is not only for people with large fortunes. It is the simplest way to make sure your assets — a house, an account, a vehicle, a business — go to whoever you choose, without leaving your family a long and uncertain process at an already difficult time.
What is a will?
It is a legal document in which a person (the testator) states how they want their assets to be distributed after their death. In Panama, the law recognizes different types of wills, and choosing the right one depends on your situation.
Types of wills in Panama
Open (notarial) will
It is executed before a notary public, with witnesses present. It is the most common because it offers the greatest legal certainty: the notary attests that the testator was of sound mind and that the document reflects their true wishes.
Closed (sealed) will
Its content is kept secret even from the notary and the witnesses; it is only revealed when it is opened after the testator's death. It requires stricter formalities.
Why make it as soon as possible?
- It prevents family conflicts. Without a will, the law decides for you how your assets are divided, and that does not always match what you would have wanted.
- It speeds things up for your heirs. Probate without a will (intestate) usually takes longer and involves more steps than one with a clear will.
- It gives you full control. You can name specific people, leave special instructions and appoint an executor you trust.
General steps to make your will
- Make an inventory of your assets: properties, accounts, vehicles, businesses.
- Decide how you want to distribute them and among whom.
- Consult a professional to choose the right type of will for your case and avoid formal errors that could later invalidate it.
- Execute it before a notary (for an open will, the option recommended for most people).
- Review it periodically, especially if your circumstances change: marriage, children, new properties.
Common mistakes to avoid
- Drafting it without advice and leaving ambiguities that lead to disputes later.
- Not updating it after major changes in the family or the estate.
- Not meeting the required legal formalities — a formal error can void the entire will.
This article is for information only and does not replace personalized legal advice. Every case has particulars that should be reviewed with a professional before making decisions.