Lat will and testament

Good morning,

My Filipina wife and I reside abroad, we do spend 3-5 months per year travelling back and forth to the Philippines.

We have 2 beautiful daughters, thanx be to God, my question here is
" As we have made our Wills here where we currently live, Do we need to make our wills there in the Philippines so that in the event of our deaths, our children are given our estate, consisting of lands and money there?"

If so what is the process and costs involved?

Many thanx and God bless you always

Radar

radar,

if the wills you made are valid in the place where you executed them, then there is no need for you to execute separate wills here in the Philippines. your wills can be probated and/or recognized here.

HOWEVER, what you said as "our wills" must not be a joint will. it is a joint will if there are two testators in a single instrument. if it is a joint will, it is void under Philippine laws even if it is not in the place where said instrument was executed.

also, for convenience, it is better to make a separate will for properties located here in the Philippines and to execute this will here as well.

For more free legal information about the matter, you may visit www.domingo-law.com

Hi Atty,

I was an OFW for many years and had acquired assets abroad in other locations. I am now based here and would like to prepare a will. Do I need a separate will prepared for assets in other locations or do I include everything in my will here? Which taxation law will hold? Is that of the Philippines where I am now a resident or would that be of the country where my assets are?
What is the best way to handle this? All I have abroad are investment linked insurances with named beneficiaries and also some mutual funds. Thank you for your help
R

Hi Redorchid,

You don't need to have a separate will, you can put everything in one will.
Since you are resident citizen, the Philippine taxation will apply.
The best way is to consult a lawyer who will help you in drafting a will.

For more free legal information, you may visit www.domingo-law.com