The Importance of Planning the Inheritance We Leave Upon Death: What Every Entrepreneur Must Know

09/12/2025

Lic. Alexander Torres

Memento mori.

Anonymous

This subject—often postponed—is essential for those who wish to protect their business and personal legacy. Yet life follows a cycle; and when the moment arrives—as with every process—this vital journey, too, comes to an end. We are born to be happy, but not to be eternal—at least not on this plane of material existence. Contemplating how to organize the transfer of our assets after we have passed on is a strategic imperative—particularly if, as conscious entrepreneurs and business leaders, we desire that the enterprise we have conceived and built continues to transcend us.

A cultural shift is required in how we react to the inevitable: drafting a will is not an act of tempting fate; rather, it is—above all—a manifestation of maturity, responsibility, and foresight. Preparing for asset and business succession allows us to establish guidelines designed to ensure—to the greatest extent possible—the continuity of the family business, business stability, and the distribution of assets in accordance with our final wishes, while fully respecting all applicable legal limitations.

Where are the general rules for making a will—and the legal consequences of failing to do so—established in Cuba? They are found in our Civil Code; within one of its books, we can observe—in its purest form—our law of succession. This body of law regulates both the form and substance by which others succeed us in the relationships, assets, rights, and obligations that endure beyond our passing.

The law of succession is the set of norms governing the transfer of an estate—as well as other situations not necessarily economic in nature—following a person’s death. It is important to highlight that not all assets can be transferred through inheritance; for instance, insurance payouts or funds designated for beneficiaries in bank accounts are not inherited, but rather transferred directly to the designated individuals.

Conversely, personal property, real estate, corporate shares, and business assets *do* form part of the estate, and their distribution—in accordance with the owner’s wishes—will depend on whether or not a Will exists. In the absence of a Will, the recipients of these assets will be those determined by the Civil Code through the mechanism of intestate succession—or, as we jurists call it: *ab intestato*. In this latter scenario—where no Will exists—the heirs are formally designated via a notarial document known as a “Declaration of Heirs” (*Acta de Declaratoria de Herederos*).

Once we execute a Will, we become the architects of our own succession; within it, we can decide whether everyone inherits a share of the entire estate, or not. Let’s take a look:

If we make a Will, we can designate two distinct types of beneficiaries: heirs and legatees. These are not the same; although popular belief often assumes that anyone named in a Will is an “heir,” this is not the case. Below, we will examine a crucial distinction that is well worth noting—so pay close attention: An *heir* receives a collective share of the deceased business owner’s or citizen’s assets *and* debts; a *legatee*, however—acting upon the specific wishes of the deceased testator—receives a *specific* asset, but assumes *none* of the debts. This means that, when planning for succession, a business owner can decide whether to leave someone a share of their overall estate—comprising both assets and liabilities (as an heir)—or a specific asset, but no liabilities (as a legatee). This distinction proves highly useful for customizing the transfer of assets, particularly in cases involving family businesses or companies with multiple partners.

Vitae et necis: When the Testamentary Designation or the Last Will and Testament Are Insufficient

Under Cuban law, inheritance may be received by both natural persons—that is, human beings, such as those reading this text right now—and legal entities (for example, Limited Liability Companies [MSMEs], Non-Agricultural Cooperatives [CNAs], the Church, Foundations, Business Enterprises, the State, Commercial Companies, etc.).

However, neither the testator’s intent nor the mandate of the law is, in itself, sufficient to establish the right to succeed a deceased person. It is also a prerequisite that we—whether as heirs or legatees—do not fall under any of the legal prohibitions against inheriting.

The following individuals are ineligible to inherit:

• Those who commit alleged intentional crimes against the life, physical integrity, honor, or property of the deceased, or of their close relatives.
• Those who have used violence or manipulation to alter a will.
• Those who have abandoned the deceased, withheld financial support, or neglected their care.
• Those who have been deprived of parental responsibility.
• Those who have engaged in gender-based or domestic violence.
• Those who have permanently emigrated from the country.

These disqualifications—with the exception of the migratory one, which depends on other factors—can be lifted only through an express pardon granted by the decedent (that is, the person whose death *triggers* the inheritance succession). For evidentiary purposes—particularly in the context of a potential future dispute with other co-heirs—it is highly advisable to formalize this pardon before a Notary Public by means of a sworn declaration executed by the future decedent.

**The Will: A Key Tool Available to Our Business Owners**

A Will is the legal instrument that allows for the arrangement of the succession of assets, rights, and obligations, as well as the inclusion of non-pecuniary provisions (such as the recognition of a child) in accordance with the testator’s wishes. Wills may be amended at any time as one’s final wishes evolve or change; indeed, subsequent Wills may be executed to revoke, modify, or supplement any prior Wills the testator may have granted.

There are various types of Wills; on this occasion, we will highlight three—specifically those most commonly encountered in everyday practice:

1. The Notarized Will

This is executed before a Notary, in the presence of two witnesses who are not beneficiaries. The testator expresses their wishes verbally or submits a draft, which the Notary adapts to the legal format.

Once read aloud and signed, the document acquires legal validity. It is a formal, secure, and confidential process that is highly recommended for business owners.

2. The Holographic Will

Written and signed in the testator’s own hand, bearing an exact date (day, month, and year). It requires neither a Notary nor witnesses.

It may be drafted even in an unconventional setting—on a leaf, a wall, or a piece of fabric—and, in the case of foreign nationals, even in another language. Although this option offers a more intimate and personal approach, it can also give rise to disputes, as such wills are often discovered only after the testator’s death, thereby wholly or partially revoking any prior wills. To attain full legal validity, the document must subsequently undergo a judicial authentication process. This entails a forensic laboratory analysis comparing the handwriting used to draft the will against other handwriting samples produced by the testator prior to their death.

3.- Wills Executed in Exceptional Circumstances

The law provides for instances in which an individual may face an imminent threat of death or reside in locations where access to a Notary is unavailable. Under such circumstances, a will may be executed before a delegate of the Municipal Assembly of People’s Power and two witnesses, or—should no delegate be available—before three witnesses. However, if the individual survives, any will executed under these specific conditions automatically becomes null and void.