Planning for the future is essential 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.
Types of Wills Permitted
In the Philippines, there are two primary types of wills that you can execute:
Holographic Will: A holographic will is entirely written, dated, and signed by the testator. It is simpler to create because it needs no formalities other than being in your own handwriting.
The Notarial Will: will philippines This is a more formal document. This version requires the attestation of the testator and witnesses on every page.
Legal Requirements and Compulsory Heirs
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 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.
You can opt for "ante-mortem probate," which means you validate the will while you are still alive.
Conclusion
Drafting a will in the Philippines is an act of responsibility for your family. While it may seem complicated, consulting with a legal professional can make the process straightforward.