single status bank account to change married status?

hello, im a wife here in tuguegarao city, i want to ask regarding my bank account. it has been my account since i was single, now that im already married, i want to retain my account just as is, meaning not changing my surname and i plan to retain it for many years in the future until my son who is 9 months old at this moment is old enough to inherit it since it is in compunded interest. Was my plan legal? or am i obligated to change my account with my new surname? Will the bank still process my account even in the future still carrying my single surname? or Can i make a last will testament instead, that this certain account even if it has my single surname will be given to my son in case of my death? is my action legal or the very best solution for this one is really changing my account's surname? thanks in advance.

In order for your account to reflect your married name, the Bank will require you to submit your married certificate. But since you want to retain your maiden name, you simply leave your account as it is. There is no problem with that.

If you decide to withdraw your deposit in the future, you can easily do so because the said account is solely in your name (even if the account is still in your maiden name).

If you die and your son is the only living heir to your estate, the bank will require him to present several documents, one of which is the Affidavit of Self-Adjudication. But if your son and your spouse survied your death, the Bank will require an Extra-Judicial Settlement executed by your heirs (son and spouse). This is for the protection of the Bank to ensure that the money is released to the rightful heir/s of the deceased.

You can perhaps transfer the account in the name of your child. That way, he can withdraw it when he is of right age.

The problem with executing a will is that your heirs will have the burden of going to court for the probate of your will. That is why it is not that advisable if the person's assets are not that many / big. In any case, it is your right to dispose of your money/property to any person of your liking as long as the legitime of the other heirs will not be affected. Meaning, if the law gives the spouse a legitime of 1/4 of the estate (for example only), you cannot deny him that legitime. For instance, if your estate is worth 1 Million Pesos, you can execute a will and dispose of your estate any way you want but you have to allot Php250,000.00 worth of your estate to your spouse.

NOTE: You may want to know the ownership of the money in your bank account since you are already married. If prior to your marriage, you have not executed any pre-nuptial agreement, then your property regime is governed by absolute community of property. Under the law, community property shall consist of all the property owned by the spouses at the time of the celebration of the marriage or acquired thereafter. Therefore, the money in your bank account is owned by you and your spouse because it forms part of the community property.

hello sir, i have just updated my status in my bank account and have my surname changed. Now that My bank account is updated, i want to have a written testament stating that this bank account will be pass on to my son if ever i met my demise. is it possible? what legal actions or steps am i going to do to make this possible? thanks

Yes, you can execute a will (last will and testament) to that effect. You can choose between the two kinds of will, i.e., holographic will and notarial will.

A holographic will is entirely written, dated and signed by the hand of the testator himself. It is subject to no other form and may be made in or out of the Philippines. It need not be witnessed.

On the other hand, a notarial will must comply with the following requisites: (1) It must be in writing; (2) It must be in a language or dialect known to the testator; (3) It must be subscribed at the end thereof by the testator himself or by the testator’s name written by some other person in his presence and by his express direction; (4) It must be attested and subscribed by three or more credible witnesses in the presence of the testator and of one another; (5) Each and every page of the will must be signed on the left margin by the testator or by the person requested by him to write his name, and by the instrumental witnesses; (6) Each and every page of the will must be numbered correlatively in letters placed on the upper part of each page; (7) The will must contain an attestation clause stating: (a) the number of pages upon which the will is written; (b) the fact that the testator signed the will and every page or caused some other person to write his name, under his express direction, in the presence of the instrumental witnesses; (c) All the instrumental witnesses witnessed and signed the will and all its pages in the presence of the testator and of one another; and ( It must be acknowledged before a notary public by the testator and the witnesses.

Please do note that every will must be probated, meaning, a court case will be filed in order to give effect to the will. Probate is mandatory. The law provides that “no will shall pass either real or personal property unless it is proved and allowed in a proper court.” A will may be probated during the lifetime or upon the death of the testator. Probate of will during the lifetime of the testator is advisable if he wants assurance that his will will be probated as he himself can affirm the validity of the will.

Aside from the formalities of a will, you must also take into consideration the legitimes of your compulsory heirs. Legitime is that part of the testator's property which he cannot dispose of because the law has reserved it for certain heirs who are, therefore, called compulsory heirs. The legitime reserved for the compulsory heirs depends on who among the compulsory heirs will survive the death of the testator. The legitime will also differ depending on the number of compulsory heirs who survived the death of the testator.

For example: The testator left a will and was survived by one legitimate child and his spouse. In such case, the law provides that the legitime of the child consists of 1/2 of the estate of the testator. On the other hand, the legitime of the surviving spouse is equivalent to 1/4 of the estate of the testator. If the testator wants to leave 100% of his properties to his legitimate child, he cannot do so because the law says that the spouse is entitled to 1/4 of the estate. Thus, the testator can only give 3/4 of his properties to his legitimate child. If he gives more than that, the surviving spouse can file a case in court asking for the satisfaction of her legitime.

[Note that legitime differs from inheritance. In inheritance, there is no will or there is no valid will. Thus, the estate of the deceased passes to the heirs by operation of law. The inheritance of each heir (how much each will receive) is also provided for by law.]

Sorry for the long response. This subject is quite complicated. If you want to proceed with the will, it is always better to seek the services of a lawyer to avoid legal infirmities.