Contributed By Baker McKenzie S.A.S.
The majority of Colombian companies are family-owned. These companies are usually founded and managed by the patriarch. Other family members usually carry out other high management roles in the companies. In most cases, the patriarch is unwilling to turn over wealth and grant control to younger generations until her or his passing, or until they are no longer capable of handling the company's affairs.
As Colombia has forced heirship rules forcing the testator to assign certain compulsory portions, applicable to half of her or his estate, even against their will, Colombian families have grown increasingly concerned on implementing estate and succession planning solutions to ensure a successful turnover of wealth and allow the family estate to increase in value over time.
Ave Calle 82
No 10- 62 piso 7
Bogotá, D.C. 110221
+57 1 634 1500
+57 1 376 2211www.bakermckenzie.com