Planning for the future is vital for every Filipino family. This guide covers everything you need to know about estate planning under Philippine law.
Why You Need 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.
Holographic vs. Notarial 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 needs no formalities other than being in your own handwriting.
The Notarial Will: A notarial will is a typed document that follows specific legal protocols. This version requires the signature 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 entirely 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 bequeath to friends, charities, or other relatives. Failing to follow these rules can lead to last will and testament philippines lengthy court cases among your survivors.
The Role of the Court
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 coercion involved.
This is highly advised to prevent future conflicts among your heirs.
Conclusion
Taking the time to write a last will and testament in the Philippines ensures that your wishes are honored. Don't leave your family's future to chance; start your estate planning today.