Will & Testament | Why is it important?
You might have heard some families after each others neck after the loss of a parent or a relative because of whom the properties go to. It is not always a good scenario and it can cause rift within the family.
Making sure that there won’t be any conflict to arise within one family after one’s death can be done. And this is through a legally binding contract called a will & testament written by the person prior to an event of death.
READ: Transferring a Property Title From Deceased Parents in PH
What is a Will & Testament?
Last will and testament outlines how the deceased person’s possessions is to be managed. This is a binding contract that will say how these possessions like money and funds, real estate properties and assets will be distributed to a family member, a charity or any institutions the deceased person may have wished to leave it to.
READ:Why You Should Care About The Properties of Your Deceased Parents?
Why is will & testament important?
Article 783 of Republic Act No. 386, or otherwise known as the Civil Code of the Philippines (“Civil Code”) defines the will as an “act whereby a person is permitted, with the formalities prescribed by law, to control to a certain degree the disposition of his estate, to take effect after his death.“
Writing a will must be a personal act according to Article 784 and must not be forceful.
And in the event of death, all existing estates like properties and assets will be given or handed over to the person or institutions the deceased person may have stated it is given to. This ensures conflict and controversies regarding his estates is prevented.
Why do you need a will & testament?
- If you have a specific property that you want a person or family member to have, this makes sure that it is given to that person. A Will & Testament is legally binding and ensures that your last wishes are carried out.
- You get to decide on whose care your (minor) children will be left to and avoid that your children will be taken cared of by an institution or a some you do not like.
- It also helps to take care of your children by assigning trust funds or estates placed in their names for financial support.
- You can decide who your executor can be. An executor will carry out your wishes for you. It should be someone you trust with your estates and your wishes to be carried out.
