Securing your loved ones' future starts with a clear and legally binding last will and testament in the Philippines. In this article, we will examine 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.
Holographic vs. Notarial Wills
In the Philippines, there are two primary types of wills that you can execute:
Holographic Will: A holographic will is entirely written, dated, and signed by the testator. It is simpler to create because it needs no formalities other than being in your own handwriting.
Notarial Will: A notarial will is a typed document that follows specific legal protocols. This version requires the signature of the testator and witnesses on every page.
Navigating Legitimacy and Legitime
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 will philippines family members, such as children and spouses.
For example, if you have legitimate 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.
The Probate Process: Validating Your Will
Creating the document is only the first step. Probate is a court proceeding where the judge confirms 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.
Conclusion
Drafting a will in the Philippines is an act of love for your family. Don't leave your family's future to chance; start your estate planning today.