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
A will is a legal document that permits a person to control the disposition of their estate after death. 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 is simpler to create because it requires no formalities other than being in your own handwriting.
The Notarial Will: This is a more formal document. This version requires the attestation of the testator and witnesses on every page.
The Rules of Inheritance
When drafting a last will and testament in the Philippines, you must respect the rights of compulsory heirs. Even with a will, you cannot fully disinherit your children or spouse without a valid legal cause recognized by the court.
The "free portion" of your estate is the only part you can leave to friends, charities, or other relatives. Failing to follow these rules can lead to lengthy legal battles among your survivors.
What Happens After Death?
A last will and testament in the Philippines must go through a process called "probate" to be effective. During probate, the court checks if the will philippines testator was of sound mind and if there was any undue pressure involved.
You can opt for "ante-mortem probate," which means you validate the will while you are still alive.
Final Thoughts
Drafting a will in the Philippines is an act of care for your family. Don't leave your family's future to chance; start your estate planning today.