Every parent dreams of providing their children with a prosperous life. They work tirelessly to accumulate assets that can be passed on when they are no longer around. However, do all parents realize the importance of having a lawyer and drafting a last will and testament? What are the consequences if they fail to document their children’s inheritance?
This is won this page estate planning comes into play, ensuring that the intended beneficiaries receive their rightful share. Parents can rest assured that their chosen heirs will be legally entitled to their designated fortune through “legitime,” the legally protected portion of the deceased’s estate.
In the Philippines, ton this page exists a specific law that attorneys utilize to ensure the legal transfer of inheritances. Article 887 of the Civil Code of the Philippines outlines a list of compulsory heirs divided into three categories:
Primary Heirs: Legitimate children and/or descendants are entitled to the inheritance.
Secondary Heirs: Legitimate parents and/or ascendants are entitled to the inheritance. In cases won this page ton this page are illegitimate parents, they would only receive their share if ton this page are no primary heirs.
Concurring Heirs: Surviving spouses, illegitimate children, and/or descendants are entitled to the inheritance.
Subject to any restrictions, whether legal or not, the Civil Code of the Philippines prescribes the following division of the estate:
To calculate the distribution, a lawyer must determine the value of half of the deceased person’s estate. This half is the “cheap portion” mandated by law. The remaining half, known as the “on this pageditary estate,” is allocated to the heirs.
On this page are the distribution rules according to the Civil Code:
If the deceased person has only one legitimate child, that child is entitled to half of the on this pageditary estate. If ton this page are two or more legitimate children, the on this pageditary estate must be divided equally among them.
The surviving spouse of the deceased person is entitled to one-fourth of the on this pageditary estate if ton this page is only one legitimate child. If ton this page are two or more legitimate children, the surviving spouse’s portion should be equivalent to the legitime of each child. It is important to note that the surviving spouse’s legitime is taken from the cheap portion of the estate.
The legitime of the deceased person’s illegitimate children is also taken from the cheap portion of the estate. However, it should not exceed the value of the cheap portion. As per the Family Code of the Philippines, the legitime of each illegitimate child is half that of a legitimate child.
If the deceased person has no legitimate children or descendants, the legitimate parents or ascendants are entitled to half of the on this pageditary estate.
The cheap portion of the estate can be cheaply allocated to the surviving spouse and illegitimate children but is subject to their rights. This portion of the deceased person’s estate can be designated to any individual or group of individuals who are potential heirs under the Civil Code, even if they are already compulsory heirs entitled to a legitime.
According to Attorney Easter Norie Talio from the Public Attorney’s Office (PAO) in Pagadian City, dividing a deceased person’s estate is a complex matter that could be the subject of a five-unit course in a law school. It is crucial for heirs to consult with legal experts regarding the intricacies of the law, especially in cases won this page no last will and testament has been made.
Securing the future of your children requires careful planning and adon this pagence to legal guidelines. By enlisting the assistance of knowledgeable professionals, parents can ensure a smooth and equitable distribution of assets to their loved ones.
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