PERU Law and Practice Contributed by: Camilo Maruy, Maite Colmenter, Roberto Polo and Llanet Gaslac, Rebaza, Alcázar & De Las Casas
organisation strategies that entail adequate succes - sion planning, especially considering the various juris - dictions that may serve as tax residence for family members, which means diverse tax implications. Likewise, there is still resistance among older genera - tions to transfer wealth and control to younger gen - erations. However, there is increasing concern about establishing guidelines for adequate training of these younger generations to ensure effective management of the family assets and/or business. 2.2 International Planning International planning has had a significant impact on succession planning in recent years. A broader analy - sis has become part of the firm’s routine advice on these matters, for example: • the complexity of tax efficient structures for fami - lies with beneficiaries located in multiple jurisdic - tions; • the application of special tax regimes offered by other jurisdictions; • succession planning alternatives considering the potential jurisdictions where younger generations might be domiciled; • protection of assets due to political risks through foreign holding companies located in jurisdictions with strong bilateral investment treaties; and • the validation of foreign wills for local assets. The increasing focus on international planning has led the firm to focus on identifying different alternatives and risks, aiming to offer flexible solutions that can adapt to future challenges. In addition, family protocols ‒ including not only suc - cession planning but also guidelines on corporate governance and equity preservation for family busi - nesses ‒ have become increasingly important. The firm focuses on providing families with clear terms and comprehensive but detailed coverage regarding the operation and scope of the family protocol, avoid - ing ambiguous provisions or unresolved issues. 2.3 Forced Heirship Laws Peru has forced heirship laws regulated by the Peru - vian Civil Code. Peruvian forced heirship laws are
considered imperative rules, ie, such rules are man - datory and cannot be waived by mutual or consensual arrangements. According to Peruvian Civil Code, a portion of the inheritance is obligatorily reserved for legitimate or forced heirs ( herederos forzosos ). A forced heir can be the deceased’s children, spouse, parents or sib - lings (or their direct descendants) with certain rules depending on the case. If an individual at the time of their death has living forced heirs, their inheritance shall be distributed in favour of such forced heirs, as per the following terms. • An individual can only dispose of one third of their assets (known as the tercio de libre disposición ) in favour of individuals who are not legally recognised as forced heirs. • The remaining two thirds must be disposed of in favour of their forced heirs in accordance with Peruvian law. • If an individual does not dispose the one third por - tion of equity in favour of third parties (non-forced heirs), then the totality of the deceased individual’s equity shall be distributed to the forced heirs in accordance with Peruvian law. • These rules can only be overridden for specific grounds of disinheritance provided for by Peruvian law. If an individual has no living forced heirs, they can dispose of the totality of their equity in favour of any person of their choosing. Forced heirs cannot be excluded through wills or suc - cession agreements (ie, trust agreements), nor can they waive their right to the reserved portion prior to the death of the decedent or testator. They have man - datory rights over the assets of a deceased individual. 2.4 Marital Property The Peruvian Civil Code recognises two patrimonial regimes. • Community property: all assets and earnings acquired during the marriage by either spouse are considered community property except for “own
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