Are you wondering how to start estate planning in the Philippines?
Although thinking about your mortality can be a bit stressful, it’s something you need to do. Estate planning is essential. Without a comprehensive plan, you have no control over what happens to your assets after you die.
However, you might be wondering how to complete estate planning in the Philippines. If you are not familiar with the laws, rules, and regulations, you might create a plan that cannot be fully carried out after your passing.
If you are wondering how to estate plan in the Philippines, this short and simple guide is for you.
Determine Your Goals
The first step for estate planning is to determine your goals.
Do you want to minimize tax obligations for your heirs? Ensure they maintain a certain level of financial security? By knowing your goals, you can make sure your plan is created around reaching them.
Understand the Factors Involved
The next step is to understand the many factors involved in estate planning. While you might think the planning process only involves creating a will, you also need to consider your location, who will be the executor of your will, who will be your heirs and backup heirs, and more.
Assemble Your Estate Planning Team
An essential step in the estate planning process is to assemble your estate planning team. Typically, you will need a lawyer, an accountant, and an advisor. Make sure to choose people you trust, who are well-established, and have a great reputation.
List Your Assets
Part of the estate planning process is to list your assets. Depending on the assets you have, this can be a long and intensive process.
Your assets can include anything from investment accounts, real estate, vehicles, art, and more. You can read more on transfer of land title to heirs here.
Draw Up Your Will
Once you have cataloged your assets, you need to draw up your will. Work with your lawyer to ensure every part of your will is in compliance with Philippine laws.
Complete Your End-of-Life Planning
One part of estate planning you can’t afford to forget is your end-of-life planning. If you are not able to advocate for yourself during your final days, months, or years, your end-of-life plan will be the instructions your family and team follow.
Name Your Beneficiaries
One of the final steps in the estate planning process is to name your beneficiaries. These are the loved ones who will receive the assets you leave for them. Make sure to list backup beneficiaries as a precaution.
Use This Guide to Plan Your Estate in the Philippines
By following these steps, you can successfully complete your estate planning in the Philippines.
Start by determining your goals and understanding the factors involved. You should also assemble your estate planning team, list your assets, and draw up your will. Make sure to complete your end-of-life planning and name your beneficiaries.
These are the steps you need to take for estate planning in the Philippines.
Don’t forget to browse our site for all your legal needs.