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Estate Planning Law in Cambodia primarily revolves around the drafting and executing of wills, legacy management, and the concept of inheritance. The Constitution of Cambodia guarantees the right of individuals to own property and therefore, the right to pass it on to heirs in accordance with the law. The Civil Code provides the legal framework for estate planning. Cambodia’s inheritance law divides inheritable property into two categories: marital and personal property. Understanding this can be complicated, hence it may necessitate the advice of a legal counsel.
Navigating through estate planning in Cambodia can be challenging due to the complex nature of laws governing inheritance and property rights. Assistance is often required in drafting wills to avoid future disputes, managing taxes related to inheritance, partition of property, and dealing with international inheritance issues if you have assets abroad or are a foreign national with assets in Cambodia. A lawyer can provide you clarity, advice and can ensure that your final wishes are adhered to.
Key laws relevant to estate planning in Cambodia include those mentioned in the Civil Code, such as the inheritance law. This law categorizes property into two types: marital and personal. Marital property is anything acquired after marriage and it is equally distributed between the spouses. Personal property is what each spouse owned before the marriage or gained afterward by inheritance or gift. There's also a statutory order of heirs that determines property distribution in the absence of a will. It is important to note that there can be limitations on the testamentary freedom of individuals in order to protect the legitimate shares of heirs.
In such a case, it would be advisable to consult a lawyer to understand how both jurisdictions handle international inheritance issues. Each country may have different laws regarding inheritance and estates, and a lawyer can guide you to ensure your assets are distributed as per your wishes.
As per local laws, your property will be divided amongst your statutory heirs in predefined proportions, which might not align with your wishes. A lawyer can help you create a will to avoid such a situation.
It may be recognised, but due to differences in laws and legal systems, it is recommended to have separate wills in each jurisdiction where you hold assets.
Under Cambodian law, certain parts of your estate are reserved for your statutory heirs and cannot be given away. Professional legal advice can provide you with detailed information.
Currently, there is no estate or inheritance tax in Cambodia. However, tax laws keep changing and a legal advisor can keep you updated on the same.
The time to probate a will varies and depends on multiple factors such as complexity of the will, whether the will is contested, etc. A lawyer can help you get a more accurate estimate.
You can seek guidance from the Ministry of Justice or the Bar Association of the Kingdom of Cambodia. Both can provide you with a list of licensed legal professionals who can help with your estate planning needs.
Identify which assets you possess in Cambodia. Look for a reputable legal advisor with experience in Cambodian estate planning and make an appointment to discuss your needs. It's recommended to prepare a list of questions, concerns and your intentions regarding your estate for the meeting.
