There are various schemes and structures regarding estate planning, depending on each specific case and the interests of the owner. In this article, I will refer particularly to the will.

A will is a solemn (formal) act that has been governed by civil legislation for many years, through which the testator, in full possession of their faculties, expresses their last will regarding how they wish the distribution of their assets to be carried out upon their death. Through this instrument, the testator provides in writing for the future distribution of their estate at the time of their passing, encompassing both registered assets, non-registered assets, and, in general, any assets belonging to them, regardless of the location or country where they are situated. In this manner, the goal is to ensure that their decisions are fully respected and properly executed with clarity, transparency, and security by the executor (albacea) appointed after their death.

A will is a voluntary, written, unilateral, strictly personal (personalísimo), and solemn act, precisely because it is bound by several formalities that must be fulfilled. From the foregoing, it follows that a will cannot be executed by an attorney-in-fact (through a power of attorney); that civil rules must necessarily be complied with to avoid nullities; and that the testator holds the non-renounceable right to freely revoke their testamentary provisions at any time, in whole or in part, either by executing a subsequent will or through a pure and simple revocation, also fulfilling the same formalities required for its initial execution.

A will is a mortis causa act, meaning that it does not take effect until the moment the testator passes away. This is of transcendental importance, as the testator may freely dispose of their assets at any time, regardless of whether those assets or inventories are included in their will.

Our civil legislation regulates various types of wills, each with different regulatory nuances depending on the specific needs and circumstances of the testator. Among them, the closed or mystic will (testamento cerrado o místico) stands out, in which the testator drafts their will, signs it, and delivers it to a Notario in a sealed envelope before witnesses.

Said envelope or document contains the expressions of their last will, and none of the persons present (not even the Notario) has knowledge of its contents. This modality of a will guarantees that the testator's decisions always remain within their private sphere and are only disclosed after their death and upon the corresponding opening of the probate proceedings (proceso sucesorio) in a judicial or notarial venue.

Another way to testate is through an open will (testamento abierto), which, in stark contrast to the closed will, involves the testator executing their will before a Notary Public and witnesses "openly" in a public deed (escritura pública). The number and characteristics of the witnesses vary depending on each case.

Regarding a joint will (testamento mancomunado), it is possible for two or more individuals to testate within the same act. This form of testating is commonly used by spouses to provide mutual instructions to one another, although this is not mandatory in the sense that each individual is free to execute their own independent will.

The analysis requires legal counsel, as it is of fundamental importance to guarantee that the last will regarding the distribution of property and assets is respected, and most importantly, that the instrument enjoys legal validity and effectiveness.

In the event that a person passes away without having executed a will (or without having planned their estate through other schemes), the rules of intestate succession (sucesión legítima) shall apply, where the heirs are determined pursuant to the provisions of the Civil Code (Código Civil), allocating "the inheritance" according to a certain statutory priority (prelación legal) and relationships that do not necessarily reflect the last will of the deceased.

Family disputes and lawsuits over "inheritances" are highly common, especially when there is no will, let alone clarity and transparency among the members.

A will, beyond contemplating the wishes of the testator, must conform "no matter what" to statutory solemnities and legal requirements. Otherwise, it will be a mere evidentiary document that could hardly be executed correctly. Therefore, the need for proper legal advice is essential and more than evident, not only to understand and fulfill testamentary formalities but also to explore another wide array of options to dispose of one's assets.