Making a will

[OnMyWay]

I am very interested in the topic as I would like to get all my ducks in a row soon.  I found out there is a very good reason for me to have a local will.  I recently purchased a long term lease here in Subic, in my name.  We are in the processed of getting my wife's name fixed up, a long process, so we did not include her in the lease.  SBMA has a 5% tax on the lease transfers.  If I die without a will, she would have to pay the 5 % tax to transfer the lease to my name.  It I have the will naming her as the beneficiary for the lease, and give SBMA a copy, no tax.

So I think I will make a local will with her the beneficiary of any assets I have here in my name only.  U.S. assets, I have to find out more.

This is a real estate website but it has some good information on PH inheritance law:

http://www.robertgsarmiento.org/inhertance-tax/

It is rather long so I will not paste it here.

[robert k]

46 minutes ago, OnMyWay said:

I am very interested in the topic as I would like to get all my ducks in a row soon.  I found out there is a very good reason for me to have a local will.  I recently purchased a long term lease here in Subic, in my name.  We are in the processed of getting my wife's name fixed up, a long process, so we did not include her in the lease.  SBMA has a 5% tax on the lease transfers.  If I die without a will, she would have to pay the 5 % tax to transfer the lease to my name.  It I have the will naming her as the beneficiary for the lease, and give SBMA a copy, no tax.

So I think I will make a local will with her the beneficiary of any assets I have here in my name only.  U.S. assets, I have to find out more.

This is a real estate website but it has some good information on PH inheritance law:

http://www.robertgsarmiento.org/inhertance-tax/

It is rather long so I will not paste it here.

I would make a will in the US and make certain that nothing in it contradicted the Philippines will. Leave nothing to interpretation.

[Dave Hounddriver]

2 minutes ago, robert k said:

I would make a will in the US and make certain that nothing in it contradicted the Philippines will. Leave nothing to interpretation.

I'm reminded of that Harry Doyle story where he left a will with his son in Canada then 'apparently' made one with a later date on it in Philippines.  That is the will his wife, Jane, showed up with in the Canadian court and she got everything.  I would provide links but this is a loooooong story so you would really need to be following it.  Point is, will with latest date wins.

[robert k]

3 minutes ago, Dave Hounddriver said:

I'm reminded of that Harry Doyle story where he left a will with his son in Canada then 'apparently' made one with a later date on it in Philippines.  That is the will his wife, Jane, showed up with in the Canadian court and she got everything.  I would provide links but this is a loooooong story so you would really need to be following it.  Point is, will with latest date wins.

Good point for Canadians Dave. Each state in the US has their own law concerning estates. North Dakota has similar estate law to the Philippines regarding land, believe it or not. I have seen cases where different wills have been merged. In the US I would attach the Philippine will as an addendum so there would not be a conflict.