Modification of the succession regime in Colombia

On August the 2nd of 2018, was issued the Law 1934 of 2018 that modifies the succession regime of the Civil Code.

In accordance with this reform, that will be in force on January the 1st of 2019 and shall not apply to intestate successions, it extends the freedom to will by reducing legitimates to a quarter of the succession mass.

It is also established that the inheritance will be divided into two large halves, half legitimized and half of free disposal.

Half of free disposal can be shared on the will the way the testator decides at his sole discretion.

The legitimate half should be divided, in equal parts, between the legatees.

Descendants are considered legitimate, personally or represented, and in the absence of descendants, ascendants are considered legitimate.

The law regulates a new exception regarding small rural property, to avoid the excessive fragmentation of the lands in micro-estate.

Therefore, they are exempted from the legitimate regime, the testate successions of rural estates with an extension under the equivalent of 4 family farm units, which shall be free to test without prejudice to the marital portion, and of the food owed by law.

The new modifications that brings the Law 1934 of 2018, allows the testators have more freedom at the time of making their will.

Originally published by Parra Rodríguez Abogados

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