Planning for the future is vital for every Filipino family. In this article, we will discuss the legal requirements, types of wills, and why you should consider drafting one today.
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: This is a handwritten will. It is simpler to create because it requires no formalities other than being in your own handwriting.
The 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.
The Rules of Inheritance
When drafting a last will and testament in the Philippines, you must respect the rights of compulsory heirs. The law reserves a portion of your estate for certain family members, such as children and spouses.
The "free portion" of your estate is the only part you can leave to friends, charities, or other relatives. Understanding these rules is vital to ensure your will in the Philippines is not contested or invalidated.
The Probate Process: Validating Your Will
A last will and testament in will philippines the Philippines must go through a process called "probate" to be effective. During probate, the court checks if the testator was of sound mind and if there was any undue pressure involved.
You can opt for "ante-mortem probate," which means you verify the will while you are still alive.
Final Summary
Taking the time to write a last will and testament in the Philippines ensures that your wishes are honored. While it may seem complicated, consulting with a legal professional can make the process seamless.