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Browse our 2 legal questions about Estate Planning in Philippines and the lawyer answers, or ask your own questions for free.
Estate planning in Meycauayan, Philippines, or anywhere in the country for that matter, is a vital process that involves the organization and allotment of an individual’s estate upon their demise. This often entails the drafting of documents such as wills or testamentary dispositions, and the setup of trusts. Estate planning also covers issues like tax implications, guardianship of minor children, and management of properties during incapacitation. The governing law for estate planning is largely found in the Civil Code of the Philippines and the Rules of Court concerning Special Proceedings.
Engaging a lawyer for estate planning comes with a number of advantages. For instance, a lawyer can provide counsel on ways to minimize estate taxes and avoid possible disputes among heirs. Navigating the process of probate can also be notably complex, as it involves rigorous compliance with court procedural rules and can take many months to complete. Finally, the aid of a lawyer is often necessary in the proper setting up of trusts and drafting of wills, ensuring that your wishes are accurately expressed and legally enforceable.
The local estate planning laws in Meycauayan, and in the Philippines in general, are largely based on Spanish civil law and are influenced by U.S. common law traditions, particularly regarding real estate. One highlight is the law of compulsory heirs (Civil Code, Title III), which provides that certain heirs, such as legitimate children and surviving spouses, cannot be deprived of their legitimate and free portions, except in very limited circumstances. Another crucial aspect is the Estate Tax, which is a tax on the right of the deceased to transmit his estate to his lawful heirs and beneficiaries. Estate taxes need to be settled within six months from the decedent’s death.
The Philippine law, apart from specific instances of disinheritance (desheredacion), generally does not allow you to disinherit your legitimate children or surviving spouse.
Any competent person can be your executor or administrator. However, preference is given to your spouse, or your nearest relative residing in the Philippines.
If you die without a Will (intestate), your estate will be distributed according to the order of intestate succession stipulated by the Philippine Civil Code.
The Estate Tax rate is 6% computed on the value of the net estate. The threshold for tax exemption is Php 200,000.
Yes, for a Will to have any legal effect, it has to be probated, i.e., approved by the court.
A Trust is a fiduciary relationship wherein a person (trustor) gives another (trustee) the right to hold property or assets for the benefit of a third party (beneficiary).
While not explicitly recognized in Philippine law, you can express your medical preferences in your Will or a separate document. However, their enforceability will be subject to Philippine laws and the discretion of your attending physician.
For a Will to be valid, it must comply with specific legal requirements, including that it be in writing, the testator is of sound mind, and it is witnessed by at least three individuals.
Foreigners are generally prohibited from owning land in the Philippines but they can legally own condominiums, buildings, and inherit land from their spouse.
Estate Tax may be minimized through effective estate planning, such as setting up trusts and making donations. It's advisable to consult a lawyer for these actions.
For those seeking more information, they can refer to the Bureau of Internal Revenue, which provides details on Estate Tax and procedures under Philippine law. The Philippine Judicial Academy, under the Supreme Court, offers handbooks and primers, including topics on Wills and Succession. The Public Attorney’s Office may also provide legal aid for those who qualify.
Anyone seeking legal advice in Meycauayan, Philippines for estate planning should seek out a lawyer or legal professional specialized in this field. Preparing a list of assets, potential heirs, and any specific wishes in asset distribution can be very helpful. Regular updates for the plan are essential, considering changes in laws, in addition to changes in your life situations.
