Best Estate Planning Lawyers in Makati City

About Estate Planning Law in Makati City, Philippines:

Estate planning is the legal process of arranging and distributing a person's assets and properties upon their death. In Makati City, Philippines, estate planning is governed by various laws and regulations to ensure the proper transfer of assets and protect the rights of beneficiaries.

Why You May Need a Lawyer:

Engaging a lawyer for estate planning in Makati City is crucial to ensure that your wishes are legally upheld and that your assets are distributed according to your desires. Some common situations where legal help may be required include:

• Creating a last will and testament
• Establishing trusts and naming beneficiaries
• Minimizing estate taxes
• Planning for incapacity or disability
• Resolving disputes over inheritance

Local Laws Overview:

When it comes to estate planning in Makati City, several key laws are particularly relevant:

• The Civil Code of the Philippines: This law governs the succession of properties, including rules on testate and intestate succession.
• The Family Code of the Philippines: This code outlines the rules on the rights and obligations of family members, marriage, and inheritance.
• The Tax Code of the Philippines: This code governs the regulations and processes related to estate taxes.

Frequently Asked Questions:

1. What is the difference between a will and a trust?

A will takes effect upon your death and dictates how your assets will be distributed. A trust, however, allows you to transfer assets to a trustee during your lifetime to be held for the benefit of your beneficiaries.

2. Do I need to pay estate taxes in Makati City?

Yes, estate taxes may be applicable depending on the value of your estate. It is essential to consult with a lawyer to help you minimize estate taxes through legal strategies.

3. Can I change my estate plan if my circumstances change?

Yes, you can update your estate plan as your circumstances change. It is recommended to review your plan periodically and consult with a lawyer to ensure it reflects your current wishes.

4. What happens if I die without an estate plan?

If you die without an estate plan or a will (intestate), your assets will be distributed according to the laws of intestate succession, which may not align with your wishes. It is best to consult with a lawyer to create a comprehensive estate plan.

5. Can I handle estate planning on my own without a lawyer?

While it is not legally required to engage a lawyer for estate planning, it is highly recommended. An experienced lawyer can help you navigate complex legal proceedings, ensure the legality of your documents, and provide invaluable guidance throughout the process.

Additional Resources:

For further information and assistance in estate planning in Makati City, Philippines, you may find the following resources helpful:

• The Integrated Bar of the Philippines (IBP): The IBP can provide a list of experienced estate planning lawyers in Makati City.
• The Bureau of Internal Revenue (BIR): The BIR offers information on estate taxes and relevant regulations.

Next Steps:

If you need legal assistance in estate planning in Makati City, Philippines, follow these steps:

1. Research and shortlist reputable estate planning lawyers in Makati City.
2. Consult with at least three lawyers to discuss your needs and evaluate their expertise.
3. Select a lawyer with extensive experience in estate planning and a good track record.
4. Inform the chosen lawyer about your goals and provide the necessary documents and information for them to start working on your estate plan.
5. Review and finalize the estate plan with your lawyer, ensuring that it accurately reflects your wishes.
6. Regularly review and update your estate plan as needed, consulting with your lawyer at each stage.