Planning for the future is crucial 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
A will is a legal document that permits a person to control the disposition of their estate after death. Without a last will and testament in the Philippines, the law (intestate succession) will decide who inherits your hard-earned assets.
Common Forms of Wills
In the Philippines, there are two primary types of wills that you can execute:
Holographic Will: This is a handwritten will. It does not require witnesses or notarization.
The Notarial Will: A notarial will is a typed document that will philippines follows specific legal protocols. This version requires the signature of the testator and witnesses on every page.
Navigating Legitimacy and Legitime
One of the most specific 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.
The "free portion" of your estate is the only part you can bequeath to friends, charities, or other relatives. Understanding these limitations is vital to ensure your will in the Philippines is not contested or invalidated.
The Probate Process: Validating Your Will
Creating the document is only the first step. During probate, the court checks if the testator was of sound mind and if there was any fraud involved.
You can opt for "ante-mortem probate," which means you verify the will while you are still alive.
Conclusion
Taking the time to write a last will and testament in the Philippines ensures that your legacy are honored. While it may seem overwhelming, consulting with a legal professional can make the process straightforward.