Making a last will and testament is an important step in estate planning, and it is crucial to know the different types of wills recognized by law. In the Philippines, two types of wills are recognized: notarial wills and holographic wills.
Most people in the Philippines don't give much thought to their estate after they pass. Even when they do, they might not think it's important enough to make out a will. But this isn't the best way to go.
Planning for your own death can be difficult, but it doesn't have to be confusing. Understanding the different types of wills and how to execute them can help ensure that you're able to settle any potential issues with your estate once you pass away.
In this article, I'll explain what a notarial and holographic will is, as well as some legal aspects that you need to know about these convenient forms of estate planning in the Philippines.
Notarial Wills in the Philippines
A notarial will is a will that is executed before a notary public. This type of will is recognized as a formal will and is considered more secure than a holographic will. To make a notarial will in the Philippines, you must follow these steps:
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Determine your assets and beneficiaries - You must decide which assets you want to distribute and to whom you want to distribute them.
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Choose an executor - It is important to choose a trustworthy executor who will be responsible for carrying out your wishes.
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Draft your will - Write down your wishes and instructions for distributing your assets, as well as any specific conditions or limitations you want to impose.
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Go to a notary public - Bring two witnesses with you, who must attest to your identity and competence to make a will. They should not be related to you by blood or marriage.
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Sign your will - You, your witnesses, and the notary public will sign your will. The notary public will affix his or her seal and signature to the document.
It is important to note that notarial wills are subject to the formalities required by law, and it is more challenging to challenge a notarial will in court. However, the process of making a notarial will can be more time-consuming and costly.
Holographic Wills in the Philippines
A holographic will is a testament written, dated, and signed in the testator's handwriting which does require a witness but does generally require to be certified by a public official. To make a holographic will in the Philippines, you must follow these steps:
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Draft your will - Write down your wishes and instructions for distributing your assets, as well as any specific conditions or limitations you want to impose.
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Sign and date your will - Sign and date your will in your own handwriting.
Holographic wills are less formal than notarial wills, and they are generally easier and less expensive to make. However, they are also more vulnerable to challenges in court, as they are subject to stricter requirements of proof.
Requirements and Validity of Notarial and Holographic Wills
In the Philippines, notarial and holographic wills are subject to different requirements for validity. A notarial will must be signed in the presence of two witnesses and a notary public, while a holographic will must be entirely in the handwriting of the testator. Notarial wills are generally easier to prove in court, while holographic wills are subject to stricter requirements of proof.
Conclusion
In conclusion, a notarial and holographic will in the Philippines can be invaluable for providing for your family when you're gone. They both offer important benefits such as a guarantee of authenticity and legal advise if needed. However, there are key differences to consider, with notarial wills offering more security although they tend to take longer to register. The right option for you will depend on individual circumstances, but crafting either kind of will is an important step forward in responsible estate planning. So, make sure to seek professional advice if needed and make sure that your wishes will be followed when the time comes!
