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.
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. If you die without a will, your estate will be distributed according to default legal formulas, which may not align with your personal wishes.
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 needs no formalities other than being will philippines 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
One of the most important aspects of Philippine law is the concept of "legitime." Even with a will, you cannot entirely disinherit your children or spouse without a valid legal cause recognized by the court.
For example, if you have legal children, they are entitled to a specific percentage of your estate. Understanding these rules is vital to ensure your will in the Philippines is not contested or invalidated.
What Happens After Death?
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.
This is highly recommended to prevent future conflicts among your heirs.
Conclusion
Drafting a will in the Philippines is an act of responsibility for your family. Don't leave your family's future to chance; start your estate planning today.