Securing your loved ones' future starts with a clear and legally binding last will and testament in the Philippines. 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. 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:
The Holographic Will: This is a handwritten will. It does not require witnesses or notarization.
The Notarial Will: This is a more formal document. It must be signed last will and testament philippines in the presence of at least three credible witnesses and acknowledged before a notary public.
Legal Requirements and Compulsory Heirs
One of the most unique 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.
The "free portion" of your estate is the only part you can bequeath to friends, charities, or other relatives. Failing to follow these rules can lead to lengthy court cases among your survivors.
The Role of the Court
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 coercion involved.
This is highly suggested to prevent future conflicts among your heirs.
Final Summary
Taking the time to write a last will and testament in the Philippines ensures that your wishes are honored. Don't leave your family's future to chance; start your estate planning today.