Wills & Estate

A will is a legal document that expresses a persons’ wishes regarding the distribution of their personal and real assets and other properties upon their death. It is advantageous to draft a will, for the reason, among others, that it minimizes potential disputes among heirs.

Any person over 18 years of age and of sound mind can make a will.

Testate succession is when the decedent has a will. In this case, the desires of the decedent shall be followed in accordance with that stated in the will. On the other hand, intestate succession is when a person dies without a will. In this case, the distribution of deceased’s estate is governed by the rules of intestate succession in the Civil Code.

Estate settlement may be done through:
  1. Extrajudicially or
  2. Judicially

Yes. An estate tax is imposed on the transfer of the decedent’s estate to the heirs.

A will may be revoked through the following means:
  1. Physical destruction of the will;
  2. Creating a new will and expressly revoking all previous wills made;
  3. Executing a codicil which modifies or revokes parts of the existing will.

It is a legal process that involves validating a will in court. Among others, it ensures that the will is genuine, was executed properly and that the deceased’s wishes are honored. It is a necessary legal process to authorize the distribution of the estate to the heirs and to settle any debts or claims against the estate.