Planning for the future is crucial for every Filipino family. This guide outlines everything you need to know about estate planning under Philippine law.
Why You Need 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. If you die without a will, your estate will be distributed according to fixed legal formulas, which may not align with your personal wishes.
Holographic vs. Notarial Wills
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 does not require witnesses or notarization.
Notarial Will: A notarial will is a typed document that follows specific legal protocols. It must be signed in the presence of at least three credible witnesses and acknowledged before a notary public.
The Rules of Inheritance
One of the most important aspects of Philippine law is the concept of "legitime." The law reserves a portion of your estate for specific family members, such as children and spouses.
For example, if you have legal children, they are entitled to a specific percentage of your estate. Understanding these rules is vital to ensure your will in the Philippines last will and testament philippines is not contested or invalidated.
What Happens After Death?
A last will and testament in the Philippines must go through a process called "probate" to be effective. Probate is a court proceeding where the judge verifies that the will was executed according to law.
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. While it may seem daunting, consulting with a legal professional can make the process seamless.