Three ways exist to pass on assets at death

By: Garland M. Baker B.

Exclusive to A.M. Costa Rica

Editor's Note: While this article was accurate at the time of publication, some information may now be outdated. We are currently preparing a comprehensive update. Sign up for our Alerts to be notified as soon as the revised content is live!

According to Consumer Reports, 66 percent of those living in the United States do not have a valid will.  Imagine how many expats do not have one in Costa Rica. 

Laws governing last wills and testaments are different in this country, and most people never get around to making a valid document.

Famous people like Abraham Lincoln, Andrew Johnson, Ulysses S. Grant, Howard Hughes, Martin Luther King, Jr., and Pablo Picasso all died without a will.

Will is a general term, while testament applies to the disposition of personal property.  A will is a legal declaration that regulates the rights of others over property and family after death.

While death is the last thing on most peoples minds, having a valid will in Costa Rica is important or assets could end up in probate or stolen.    Probate here is a frustrating experience.  Marauders prey on the disorganized to steal property.

There are three legal ways to make a will in Costa Rica, and a secret tip:

Have the rats and vultures got a deal for you!

By: Garland M. Baker B.

Exclusive to A.M. Costa Rica

Editor's Note: While this article was accurate at the time of publication, some information may now be outdated. We are currently preparing a comprehensive update. Sign up for our Alerts to be notified as soon as the revised content is live!

Vultures and rats are stalking the innocent home sellers to make a quick buck.

The game is the use of Article 1049 of the Costa Rican Civil Code and property flipping.  The rules are everything goes and the best trickster wins.

Article 1049 is only one sentence long, and it states La venta es perfecta entre las partes desde que convienen en cosa y precio.  In English, the string of words translates to “The sale is fixed between parties upon agreement of thing and price.”  The sentence means that it is possible to cheat a naive seller out of a property because of their lack of knowledge of the law.

There are many variations of property flipping. The U.S. Federal Bureau of Investigation, Criminal Investigative Division, keeps an extensive database to control this fraudulent activity because many victims are federally insured banking institutions.

“Flipping” is a predatory practice where someone always gets hurt, and it involves artificially inflating the value of a property.  One of the versions in Costa Rica plays like this: