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  1. Join Date
    Jan 2016
    Posts
    111
    #1
    Hi guys, i would like to ask for your advice regarding inheritance of Motor vehicle.
    So my wife, inherited 2 MV from his father who just died a week ago without a will but all of the heirs agreed that the vehicle be assigned to her.

    1st vehicle is fully paid
    2nd vehicle is under loan.

    My question is if anyone of you have experienced same scenario? And what are the possible documents we can use for transfer of ownership?

    I tried to search it on google but unfortunately most of the post are the typical transfer of ownership involving a deed of sale.


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  2. Join Date
    Oct 2002
    Posts
    10,808
    #2
    Deed of Sale. Antedated na lang to the time when the father was still alive. Wala naman hahabol dyan. Di naman malalaman ng LTO na namatay na yung tatay. Need nyo lang 2 ID nung tatay. At syempre, someone who can reproduce the signature. Practice lang yan. And it will not be verified. Tapos hanap lang ng notary public dyan sa tabi-tabi.

    Pag inheritance pa may babayaran ka pang tax (20%??? afaik). Meron pang mga extrajudicial partition of properties. Etc. Etc. Gastos pa sa lawyer at sa courts.
    Last edited by yebo; September 21st, 2020 at 07:42 PM.

  3. Join Date
    Oct 2002
    Posts
    10,808
    #3
    Yung sa car na mortgaged pa, ganun din. Deed of absolute sale. Pay it in full. Get the OR/CR from the bank. Cancel the mortgage registration. Present the deed of sale. Transfer to your wife's name.

    UNLESS, YOU HAVE ALREADY INFORMED THE BANK OF YOUR FATHER-IN-LAW'S DEATH. Don't be eager beaver in informing banks and pension funds (including SSS and GSIS) about deaths, otherwise even bank accounts will be frozen.
    Last edited by yebo; September 21st, 2020 at 07:48 PM.

  4. Join Date
    Jan 2016
    Posts
    111
    #4
    Quote Originally Posted by yebo View Post
    Yung sa car na mortgaged pa, ganun din. Deed of absolute sale. Pay it in full. Get the OR/CR from the bank. Cancel the mortgage registration. Present the deed of sale. Transfer to your wife's name.

    UNLESS, YOU HAVE ALREADY INFORMED THE BANK OF YOUR FATHER-IN-LAW'S DEATH. Don't be eager beaver in informing banks and pension funds (including SSS and GSIS) about deaths, otherwise even bank accounts will be frozen.
    Thanks for this. What if we dont have the capacity to pay it in full? But i can shoulder the monthly of that vehicle. Our fund was already placed on long term investment


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  5. Join Date
    Jul 2007
    Posts
    46,613
    #5
    Quote Originally Posted by yebo View Post
    Deed of Sale. Antedated na lang to the time when the father was still alive. Wala naman hahabol dyan. Di naman malalaman ng LTO na namatay na yung tatay. Need nyo lang 2 ID nung tatay. At syempre, someone who can reproduce the signature. Practice lang yan. And it will not be verified. Tapos hanap lang ng notary public dyan sa tabi-tabi.

    Pag inheritance pa may babayaran ka pang tax (20%??? afaik). Meron pang mga extrajudicial partition of properties. Etc. Etc. Gastos pa sa lawyer at sa courts.
    That's part of your FIL's estate so it will be included in the deed of extra judicial settlement at hindi siya madaling ayusin. In our case, we just used the car until it was old enough to be junked. 6% deed of donation afaik kasi may amnesty ngayon pero napakamahal ng services ng lawyer.

    I work in a bank, honestly there are times when we WISH we could give the advise that yebo gave to our clients kasi nakaka awa talaga yung ibang families who have to settle estate cases

  6. Join Date
    Oct 2002
    Posts
    10,808
    #6
    Quote Originally Posted by AltisAndMZ3FAN View Post
    Thanks for this. What if we dont have the capacity to pay it in full? But i can shoulder the monthly of that vehicle. Our fund was already placed on long term investment


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    When i said pay in full, i meant it both ways. Cash or installment. Basta may deed of sale na i-present mo sa bank para alam nila na ikaw na magtutuloy ng hulog. Basta remember the deed of sale must be dated a few months prior to the death.

  7. Join Date
    Oct 2002
    Posts
    10,808
    #7
    Quote Originally Posted by _Cathy_ View Post
    I work in a bank, honestly there are times when we WISH we could give the advise that yebo gave to our clients kasi nakaka awa talaga yung ibang families who have to settle estate cases
    Sinabi mo! My mom died with a substantial amount in her bank account. E minadali ng sister ko na ayusin ang death benefits sa GSIS. E my mom uses the same account in land bank for her pension and for savings. Ayun frozen account nya. Hangang ngayon di pa namin nakuha. I could have widrawn the money using the atm as i know her pin.

  8. Join Date
    Jan 2008
    Posts
    3,681
    #8
    Quote Originally Posted by AltisAndMZ3FAN View Post
    Hi guys, i would like to ask for your advice regarding inheritance of Motor vehicle.
    So my wife, inherited 2 MV from his father who just died a week ago without a will but all of the heirs agreed that the vehicle be assigned to her.

    1st vehicle is fully paid
    2nd vehicle is under loan.

    My question is if anyone of you have experienced same scenario? And what are the possible documents we can use for transfer of ownership?

    I tried to search it on google but unfortunately most of the post are the typical transfer of ownership involving a deed of sale.


    Sent from my iPhone using Tapatalk
    check mo yung loan agreement, baka may Loan Redemption Insurance yan.. covered naman ng bank yan in case na mamatay yung principal.. pero malamang yung wife nya ay co-maker sa loan, so sya dapat mag tuloy ng payment at sa kanya din release ang papers nyan

  9. Join Date
    Jan 2008
    Posts
    3,681
    #9
    Quote Originally Posted by _Cathy_ View Post
    That's part of your FIL's estate so it will be included in the deed of extra judicial settlement at hindi siya madaling ayusin. In our case, we just used the car until it was old enough to be junked. 6% deed of donation afaik kasi may amnesty ngayon pero napakamahal ng services ng lawyer.

    I work in a bank, honestly there are times when we WISH we could give the advise that yebo gave to our clients kasi nakaka awa talaga yung ibang families who have to settle estate cases
    hindi naman agad kailangan ng lawyer sa extra-judicial settlement of estate, need mo nga dyan ay accountant or yung may alam sa TRAIN LAW kasi may mga "deductibles" sa mga yan.. kung average lang naman ang estate (say less than 10M pesos) eh halos wala ka na babayaran na estate tax.

    once na agreed na lahat ng heirs, pwede na pa notary yan, then publish in a newspaper of general circulation for 3 weeks..

    TS: search mo train law estate tax

  10. Join Date
    Jul 2007
    Posts
    46,613
    #10
    Quote Originally Posted by yebo View Post
    Sinabi mo! My mom died with a substantial amount in her bank account. E minadali ng sister ko na ayusin ang death benefits sa GSIS. E my mom uses the same account in land bank for her pension and for savings. Ayun frozen account nya. Hangang ngayon di pa namin nakuha. I could have widrawn the money using the atm as i know her pin.
    So sorry to hear about your Mom. Diba you regularly visited her and bought her favorite food/groceries?

    When my maternal Lola passed away in the US, I had to fix these things before we flew her in sa Manila. Grieving na nga ko, stressed pa ko because I was the only one in Manila at that time. She also has pension accounts but good thing I have her local IDs and signed/blank withdrawal slips with me. Ang hassle lang since authorized lang ako, I had to go to the branch of account which was in Cavite/Tagaytay, saka hindi naman isang withdrawal kasi baka mahalata bakit inempty. Buti hindi mo napagalitan sister mo hehehe

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