Planning for the future is vital for every Filipino family. This guide covers everything you need to know about estate planning under Philippine law.
Understanding the Basics of a Will in the Philippines
Under the Civil Code of the Philippines, a will is a strictly personal act where a person dictates how their property is distributed. Without a last will and testament in the Philippines, the law (intestate succession) will decide who inherits your hard-earned assets.
Common Forms of Wills
In the Philippines, there are two primary types of wills that you can execute:
The Holographic Will: This is a handwritten will. It does not require witnesses or notarization.
The Notarial Will: This is a more formal document. It must be signed in the presence of at least three credible witnesses and acknowledged before a notary public.
Legal Requirements and Compulsory Heirs
One of the most specific aspects of Philippine law is the concept of last will and testament philippines "legitime." The law reserves a portion of your estate for certain family members, such as children and spouses.
For example, if you have legitimate children, they are entitled to a specific percentage of your estate. Understanding these restrictions is vital to ensure your will in the Philippines is not contested or invalidated.
The Role of the Court
Creating the document is only the first step. Probate is a court proceeding where the judge verifies that the will was executed according to law.
You can opt for "ante-mortem probate," which means you verify the will while you are still alive.
Final Summary
Drafting a will in the Philippines is an act of care for your family. While it may seem daunting, consulting with a legal professional can make the process seamless.