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
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 does not require witnesses or notarization.
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 "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 Probate Process: Validating Your Will
Creating the document is only the first step. Probate is a court proceeding where the judge confirms that the will was executed according to law.
You can opt for "ante-mortem probate," which last will and testament philippines means you verify the will while you are still alive.
Conclusion
Drafting a will in the Philippines is an act of love for your family. While it may seem complicated, consulting with a legal professional can make the process straightforward.