Planning for the future is essential for every Filipino family. This guide breaks down 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 enables 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.
Types of Wills Permitted
There are two ways to draft your will in the Philippines, each with its own set of strict requirements:
Holographic Will: This is a handwritten will. It is simpler to create because it requires no formalities other than being in your own handwriting.
Notarial Will: This is a more formal document. This version requires the signature of the testator and witnesses on every page.
Navigating Legitimacy and Legitime
When drafting a last will and testament in the Philippines, you must respect the rights of compulsory heirs. Even with a will, you cannot completely disinherit your children or spouse without a valid legal cause recognized by the court.
The "free portion" of your estate last will and testament philippines is the only part you can give to friends, charities, or other relatives. Failing to follow these rules can lead to lengthy disputes among your survivors.
The Probate Process: Validating Your Will
Creating the document is only the first step. During probate, the court checks if the testator was of sound mind and if there was any fraud involved.
This is highly recommended to prevent future conflicts among your heirs.
Conclusion
Taking the time to write a last will and testament in the Philippines ensures that your intentions are honored. Don't leave your family's future to chance; start your estate planning today.