Family heritage is what gives security and welfare to the family. Due to various legal and economic cultural factors there are advantages and disadvantages of constituting a family heritage.

In most cases, family assets include assets such as real estate, cultivable plots, industrial and commercial drafts, and household furniture. Family assets are also attached to rights, charges and obligations that belong to a family. The purpose of its constitution is to protect economically and favor the maintenance of the home.

It is unattachable despite payment obligations

housing loan

The tax authorities could not proceed to an embargo. In the case of being subject to a housing loan, it will be under the same conditions, the financial authorities may not apply the lien. It is protected by laws as it is a family heritage.

Any Mexican citizen residing in the Mexican state, of legal age, can build a family estate in order to ensure the economic well-being of the spouse, descendants, ascendants or siblings.

It is modifiable, you can attach new assets to the estate

money loan

Or eliminate those that are desired. This procedure must always be done before a judge.

According to the Federal Civil Code by which the Federal District is governed, only those who meet a certain amount of minimum wages may constitute the family patrimony, this is limiting for people with limited resources. Those who wish to establish it and do not reach the established amount, will have to go to the Local Civil Code and carry out the procedure at the local level, since there are no economic limitations.

For the extinction of the patrimony, if it is governed by the Federal Civil Code, the patrimony members must inhabit the property.

According to the Federal Civil Code, family assets can only be established with assets where the family is domiciled. This limitation obliges members to live in the place where the assets are located to be able to constitute it.

Before carrying out this legal action, be sure to take into account the advantages and disadvantages of constituting a family estate described.

Leave a comment

Your email address will not be published. Required fields are marked *