Planning for the future is essential 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
A will is a legal document that enables 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: This is a more formal document. This version requires the attestation of the testator and witnesses on every page.
The Rules of Inheritance
When drafting a last will and testament in the Philippines, you must respect the rights of compulsory heirs. The law reserves a portion of your estate for specific family members, such as children and spouses.
For example, if you have legal children, they are entitled to a specific percentage of your last will and testament philippines estate. Failing to follow these rules can lead to lengthy legal battles among your survivors.
The Probate Process: Validating Your Will
Creating the document is only the first step. Probate is a court proceeding where the judge verifies that the will was executed according to law.
You can opt for "ante-mortem probate," which means you verify the will while you are still alive.
Final Thoughts
Drafting a will in the Philippines is an act of responsibility for your family. While it may seem daunting, consulting with a legal professional can make the process seamless.