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Succession & Estate Law in the Philippines


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35 minutes ago, jrlee183 said:

It will only be unfrozen when the estate taxes have been paid. 

Ok, so this I understand so far but what if it is just my bank account? my wife is my sole Dependent on this and would I assume inherit

Now as we know, we own and can own nothing here in the Estate issue, so what would a sole account (Mine) be liable for, she has her own bank account and all dealings with the House and Land are geared through That. I can Understand if (God Forbid) she went first  her Bank account would be Frozen until all was settled but without any real ownership per-say here my question is;

Would our personal Bank account be Frozen on our Deaths (The Foreigner that is)?

One other thought. On my Death, would ALL the bank accounts here be Frozen? 

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I'm single but having dealt with transferring large sums between UK and the Philippines recently one way if you have an HSBC account in the UK and the Philippines is to globally link them. You can transfer up to $200,000 each day between accounts for only $7. Once the money is transferred unlink the accounts then the Philippines have no access to the UK side.

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5 hours ago, jrlee183 said:

 

6 hours ago, Dave Hounddriver said:

So the question to the expert is:  What is the best way to set up a Philippine bank account so that the surviving filipina can get to the money as quickly as possible in the event we die OR are in a coma/incapacitated.  We need answers for the legally married guys and for the "living-as-married" guys.  Can you sum up this one in one post?

 

The short answer is this; you cant!  The BIR will freeze the bank account (even if it is held in joint names).  It will only be unfrozen when the estate taxes have been paid.  This applies regardless of whether you are married or not.

 

 

5 hours ago, jrlee183 said:

 

The short answer is this; you cant!  The BIR will freeze the bank account (even if it is held in joint names).  It will only be unfrozen when the estate taxes have been paid.  This applies regardless of whether you are married or not.

 

Interesting, if I am reading  this correctly even if the foreigner whom name does not appear on the title, how ever has a joint account. The account is frozen, surly not, how can this effect estate duties when all he is done, in most cases is pay for the house and support.

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42 minutes ago, OnMyWay said:

It sounds like many of us could benefit from the webinar.  I am interested!

CMI,(Count Me In),  Evenings around 7PM would be good for me.  However, although I am old, I'm flexible!:hystery:

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20 hours ago, Jack Peterson said:

Ok, so this I understand so far but what if it is just my bank account? my wife is my sole Dependent on this and would I assume inherit

Now as we know, we own and can own nothing here in the Estate issue, so what would a sole account (Mine) be liable for, she has her own bank account and all dealings with the House and Land are geared through That. I can Understand if (God Forbid) she went first  her Bank account would be Frozen until all was settled but without any real ownership per-say here my question is;

Would our personal Bank account be Frozen on our Deaths (The Foreigner that is)?

One other thought. On my Death, would ALL the bank accounts here be Frozen? 

All bank accounts are frozen on death, regardless of whether Filipino or Foreigner.

You mention your wife is the sole beneficiary on your bank account.  Im unsure of whether or not you have children, but you should be sure that you have provision in your will that your estate follows the legitime here.  E.g. lets say you are married with, for example, two legitimate children.  Your will would have to state that your children are entitled to 50% of your estate (i.e. 25% each) and your wife is entitled to the same share as one legitimate child (so also 25%) the balance you can leave to whoever you like. 

 

 

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18 hours ago, Snowy79 said:

I'm single but having dealt with transferring large sums between UK and the Philippines recently one way if you have an HSBC account in the UK and the Philippines is to globally link them. You can transfer up to $200,000 each day between accounts for only $7. Once the money is transferred unlink the accounts then the Philippines have no access to the UK side.

Interesting, and thats a cheap transfer too.  I think it is unlikely that the BIR would have access to the UK side simply due to UK data protection law.  But no harm in being 'belt and braces' about it.

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