Succession & Estate Law in the Philippines

[Snowy79]

4 hours ago, jrlee183 said:

Interesting, and thats a cheap transfer too.  I think it is unlikely that the BIR would have access to the UK side simply due to UK data protection law.  But no harm in being 'belt and braces' about it.

The good thing also is it's instant. I sent $200,000 and had both accounts open online. As I hit send the total in my other account increased by $200,000. If you don't Globally link you're limited to $50,000 per day and it takes between two to five days. It takes about 5 seconds to link and another five seconds to unlink.

[Dave Hounddriver]

The option I use, which is admittedly limited, is I have a joint account in Canada with my mother.  In the event of my demise, or her demise, that account is NOT locked.  We specifically asked about that.  It means if anything happens to me and someone contacts my mother she will be devastated, as any mother would be, but she can walk into the bank and send money for any hospital or funeral expenses etc instantly.

Not everyone has such a great relationship with their mother so I guess I'm lucky to be a momma's boy :-)

[Steve GCC]

4 hours ago, jrlee183 said:

Basically, if your filipina wife dies before you without a Will then as her spouse you are a compulsory heir and entitled to your share of her estate.   HOWEVER, this is only good news if you are the only surviving compulsory heir.  If her parents are still alive then they will be entitled to their share too.  Likewise with children.   The end result is that the other heirs may want to 'cash in' their inheritance by way of selling the land/your home.   Whilst you can fight this it is an long and expensive process and something no one would want to experience.

Best solution for this is that you sign a long term renewable lease (25 or 50 years) that would legally entitle you to remain in the property even if it is sold. 

So as the house and land is in the wifes name..........if she passed away first (god forbid) Our daughter doesnt automatically inherit it all, the wifes parents have a claim also?  Can this not be in a will for example same as in the uk.  My wife leaves it all to our daughter and likewise my will does the same?

Go round in circles in PI and get tied in knots.  More fun though...............as always

[i am bob]

Wow..!  Can we do a webinar for the members on this..?  So many questions and considerations to take into account..!  It might be nice to finally remove that brick wall we've all been beating our heads against...

[jrlee183]

 

5 hours ago, Steve GCC said:

So as the house and land is in the wifes name..........if she passed away first (god forbid) Our daughter doesnt automatically inherit it all, the wifes parents have a claim also?  Can this not be in a will for example same as in the uk.  My wife leaves it all to our daughter and likewise my will does the same?

Go round in circles in PI and get tied in knots.  More fun though...............as always

Unfortunately, if you have a will it has to follow the Legitime (Forced Heirship) of the philippines.  You cant leave 100% of your estate to your daughter unless she is the sole compulsory heir.  In your case it sounds like you are married with one legitimate child.  Your daughter is entitled to 50% of your/your wifes estate.  You, as her spouse, are entitled to 25% of the estate (excluding the land, unless in the case of intestate succession), and the parents the remaining 25%.    Regardless of what a will says, this is how the estate will be divided.

 

[jrlee183]

1 hour ago, i am bob said:

Wow..!  Can we do a webinar for the members on this..?  So many questions and considerations to take into account..!  It might be nice to finally remove that brick wall we've all been beating our heads against...

Yes, I can host one of these no problem.  It sounds like there is enough interest, so I will set something up for next week.

 

[Snowy79]

1 minute ago, jrlee183 said:

Yes, I can host one of these no problem.  It sounds like there is enough interest, so I will set something up for next week.

 

It would even be helpful for non married people just as that final bit of convincing not to get married. 

 

[gerrysanders]

6 hours ago, jrlee183 said:

 

  You, as her spouse, are entitled to 25% of the estate (excluding the land, unless in the case of intestate succession), and the parents the remaining 25%.    Regardless of what a will says, this is how the estate will be divided.

 

I'm sorry but would you please add some clarity  to th e bold italics above. I'm trying to envision what it means.

By the way, I am so pleased to stumble upon your posts regarding this topic. Very informative and insightful.

[Old55]

13 minutes ago, gerrysanders said:

I'm sorry but would you please add some clarity  to th e bold italics above. I'm trying to envision what it means.

By the way, I am so pleased to stumble upon your posts regarding this topic. Very informative and insightful.

Best to contact him yourself as detailed in his message 

[gerrysanders]

2 minutes ago, Old55 said:

Best to contact him yourself as detailed in his message 

Thanks. But I don't see where in his message this is mentioned?

Are you saying to send jrlee a private message? I don't understand what you mean by  "Best to contact him yourself"?

I thought I was replying using the quote button to jrlee.