Wills & Estate
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Wills & Estate FAQs:
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.