What to do with the properties upon death of parents?

cheralca · 1 What to do with the properties upon death of parents? Tue Aug 31, 2010 2:55 pm

cheralca

Arresto Menor

Posts : 1
Join date : 31/08/2010

My mother died 9 years ago and my father transferred all their properties to his name - with waiver from the 3 of us - their children.

Right now, nakapangalan sa father ko yung dalawang title ng lupa namin. Hindi ko alam kung ano yung first step na dapat namin gawin. Ano yung estate tax and the documents needed to present for that?

Afterwards, gusto namin ilipat ang pangalan nung dalawang title sa isa lang sa aming magkakapatid - ano ang kailangan gawin?

zulfikarl

zulfikarl

lawyer

Posts : 98
Join date : 31/07/2010
Age : 54
Location : cebu

The Estate tax payable depends on the value of the property. You can look it up at the National Internal Revenue Code. If you want to transfer the property to one of your siblings, you can ask your father to execute a Deed of Donation in favor of your brother/sister.

However, the same will be considered an advance on his future inheritance. Hence, his share from your parents' estate will be deducted by the same amount.

If the value of the property exceeds his share, the excess shall be returned to the estate.

What to do with the properties upon death of parents?

1 What to do with the properties upon death of parents? Tue Aug 31, 2010 2:55 pm

cheralca

2 Re: What to do with the properties upon death of parents? Tue Aug 31, 2010 6:36 pm

zulfikarl