Last Will and Testament

[Lee]

9 hours ago, james adams said:

I'm an American citizen living permanently in the Philippines. I have no Will but wish to create one while here. What's the best way of doing that.

Don't know your specific situation but IMO i would have the will drawn up by a lawyer in the US. Most courts in this country will honor the will of foreigner that has died here.

If your Philippine will is probated in this country there is no telling how your assets will be divided up.

Typically, when a person on a bank account dies the account is locked up until  everything is settled. If you pass, your wife might not have access to any monies---hers or yours. Something to consider.

[JJReyes]

The first question is, where is the location of your assets including bank accounts?  Unless yours is a community property state, in which case your wife gets 50% after state taxes, you can state in your will who gets your assets and money.  If there is no will, each state has their own rules regarding distribution.  The federal government through the Internal Revenue Service is no longer involved, unless the total exceeds a certain amount like $6 million.  

The Philippines is slightly different in that heirs have rights.  For example, children receive one share.  If you have illegitimate children from other women, they are entitled to half a share.  You will need a Philippine lawyer to help you navigate the law whereas in the US there are situations when a dated handwritten note is acceptable.

 

[Kingpin]

8 hours ago, JJReyes said:

The Philippines is slightly different in that heirs have rights.  For example, children receive one share.  If you have illegitimate children from other women, they are entitled to half a share. 

Also the wife receives one share.

But that's for funds within the Philippines.

[JJReyes]

26 minutes ago, Kingpin said:

Also the wife receives one share.

But that's for funds within the Philippines.

Yes.  This is surprising because in the US, the wife usually receives 50% or even 100%.  The children receive theirs after both parents are gone.  In the Philippines, if there are 4 children, the division is 5 with the wife receiving one fifth.  You need to consult with an attorney, but I believe you can have two separate wills, one for Philippine assets and another for US.  

[Lee]

This link might answer a few questions.

https://www.vistaresidences.com.ph/blog/how-do-you-divide-property-among-heirs-in-the-philippines#:~:text=Legitimate children are entitled to,is just one legitimate child.

[Kingpin]

42 minutes ago, JJReyes said:

I believe you can have two separate wills, one for Philippine assets

I think the point of the heirs law is that it supersedes anything else. Of course, this only applies to liquid assets. If you buy one child a house and lot, that's all theirs.

 

43 minutes ago, JJReyes said:

and another for US.  

US will, US attorney, foreign citizen / resident, that's another can of worms. Joint or POD accounts are better options.

[hk blues]

16 hours ago, Lee said:

Typically, when a person on a bank account dies the account is locked up until  everything is settled. If you pass, your wife might not have access to any monies---hers or yours. Something to consider.

This is why I set up a mixture of accounts i.e. individual for me/her and joint - that way whichever survives will have access to all the money in their individual account as well as 50% of the joint account (once estate tax is paid).  

[Freebie]

I have one will for Philippines assets, where my only assets are a condo , some stocks and a couple bank accounts.

And then one , made in HK for all others assets worldwide, as even though Im British I dont have any assets nor a bank account in UK, and given the IHT situation in UK one wants to keep those money grubbing Inland Revenue folk as far away as possible from my money. 40%. IHT.. greedy truckers

[hk blues]

Just now, Freebie said:

I have one will for Philippines assets, where my only assets are a condo , some stocks and a couple bank accounts.

And then one , made in HK for all others assets worldwide, as even though Im British I dont have any assets nor a bank account in UK, and given the IHT situation in UK one wants to keep those money grubbing Inland Revenue folk as far away as possible from my money. 40%. IHT.. greedy truckers

40% of anything above 325k, and only if you leave it to someone other than your spouse.  As I understand it. 

 

[Sailor Jerry]

On 7/11/2023 at 9:59 AM, james adams said:

I'm an American citizen living permanently in the Philippines. I have no Will but wish to create one while here. What's the best way of doing that.

I did mine with my attorney here in Angeles City early last year after doing my condo Title. The Will cost was 8000 Pesos I recall. Very good job, very thorough as he usually is. 

I have one in Australia that I did a few years ago & I discussed it with him & he said this is usual for foreigners here in Philippines. A couple of friends have now used him here & were very satisfied. Since moving here 5 years ago I'd seen & heard about several horror stories where guys had not attended to these simple matters & caused a lot of hassle for their friends & loved ones & I didn't want to be in that boat.