Securing your loved ones' future starts with a clear and legally binding last will and testament in the Philippines. This guide covers 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. 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: A holographic will is entirely written, dated, and signed by the testator. It does not require witnesses or notarization.
The 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 unique 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 legal children, they are entitled to a specific percentage of your estate. Understanding these limitations is vital to ensure your will in the Philippines is not contested or invalidated.
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 will philippines and if there was any coercion involved.
This is highly advised to prevent future conflicts among your heirs.
Final Summary
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.