Row over taipan's fortune arises

[Monseratto]

Family Feud


Row over taipan’s fortune arises | Inquirer Business

The document made no mention of 82-year-old Lourdes de Lara Ty, mother of Margaret and another son, Anthony, who is now based in the United States. Unlike the 78-year-old Mary Vy Ty who had been favored by the late tycoon’s parents, Lourdes is not of Chinese descent.

Armed with the late tycoon’s last will and testament, Mary Vy Ty filed with the Regional Trial Court of Makati on Dec. 12, 2018, a petition for the probate of the will and her appointment as the administrator of Ty’s estate.
Probate refers to the process of establishing the validity of the will.

Mary Vy Ty’s petition estimated the estate of the late tycoon at P3 billion. The tycoon had founded or put up local banking giant Metropolitan Bank & Trust Co., Toyota Motor Philippines and Federal Land, among others.

Most of the family’s crown jewels are now under listed holding firm GT Capital Holdings Inc.

Jose Virgilio Bautista, legal counsel of Lourdes de Lara Ty, said in an interview with the Inquirer that Lourdes and the late George SK Ty were married on Nov. 14, 1961, in Hong Kong.

He also disputed Mary Vy Ty’s reference to Anthony and Margaret as “illegitimate” children. This marriage was subsisting when another subsequent marriage to petitioner Mary Vy was entered into, making the latter void.

Under the law, therefore Lourdes de Lara Ty is the surviving spouse of the late George and as such is entitled to her conjugal share of the estate and to her legitime as compulsory heir in the hereditary estate,” he claimed.

[chronicle]

Kapag head of the family ang namatay talaga, nagkakagulo. Stability is the fathers role.
Eh kung wala sa will bakit pa hinahabol?
Parang teleserye lang

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[heavenlee]

Kapag head of the family ang namatay talaga, nagkakagulo. Stability is the fathers role.
Eh kung wala sa will bakit pa hinahabol?
Parang teleserye lang

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Becasue the legitimate wife is entitled to conjugal share? And in this case, the Chinese wife is the illegitimate one.

[chronicle]

Becasue the legitimate wife is entitled to conjugal share? And in this case, the Chinese wife is the illegitimate one.

How strong is the will ba, diba absolute na? Or hindi pa?
Alam ko, unless walang will, dun na magkakatalo ang legality ng marriage or affinity sa deceased diba.


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[heavenlee]

How strong is the will ba, diba absolute na? Or hindi pa?
Alam ko, unless walang will, dun na magkakatalo ang legality ng marriage or affinity sa deceased diba.


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From what little I know, sir, disinheritance of the legitimate wife through a validly written will is possible only under certain grounds provided for in the family code. The taipan cannot just write in his will that he is disinheriting his legitimate spouse (and/or children) because he feels like doing so. So depending on what reason(s) he cited in his will, this can be contested in court by his so -called compulsary heir(s) (legitimate wife & children). It now boils down to how good his "will" writer is, or how valid his reasons were for the disinheritance.

[minicarph]

grabe no mamanahin mo Toyota, tipong pumapalo ng !50,000 units per year. I times mo sa P1M. sa 150,000. P150B pesoseses. eh halos lahat naman ng Toyota ngaun more than 1M na and SRP

tindeh, I wonder what to do if you have that kind of money

[yebo]

grabe no mamanahin mo Toyota, tipong pumapalo ng !50,000 units per year. I times mo sa P1M. sa 150,000. P150B pesoseses. eh halos lahat naman ng Toyota ngaun more than 1M na and SRP

tindeh, I wonder what to do if you have that kind of money

Mali OB. Di naman kasi 100% nung 1M e profit. At di rin 100% ng profit e kanya. So sa 1M, baka ang net after tax nasa 50k lang. Mataas na nga yang 50k na yan ( my bet, below 20k lang). Tapos ilan percent ba ng outstanding shares ang kanila?

[papi smith]

grabe no mamanahin mo Toyota, tipong pumapalo ng !50,000 units per year. I times mo sa P1M. sa 150,000. P150B pesoseses. eh halos lahat naman ng Toyota ngaun more than 1M na and SRP

tindeh, I wonder what to do if you have that kind of money

Consolidated revenues from Toyota Motor Philippines (TMP) reached Php119.3 billion in
the first nine months of 2018. From January to September this year, the country’s dominant
automotive company realized Php6.6 billion in consolidated net income. TMP attained retail
vehicle sales of 109,402 units from January to September of 2018, while monthly sales grew
3% for September 2018 to 12,686 units from 12,315 units in the previous month. TMP
continues to lead the Philippine auto sector with 37.4% overall market share.

[2lits17]

kahit big company pa yan bro, kung ang nagmamanage hinde naman seryoso o walang alam kundi waldasin yun pera sandali lang yan babagsak din yan.

ganyan naman ang trend ng negosyo sa pilipinas, usually 1st generation nag tayo, nag hirap, nag pa lago ng negosyo 2nd generation nagpatuloy swerte na mag survive ang business sa 2nd generation pero pag salin sa 3rd generation 50/50 na buhay ng company minsan bankrupt na.

[aNthraxx]

From what little I know, sir, disinheritance of the legitimate wife through a validly written will is possible only under certain grounds provided for in the family code. The taipan cannot just write in his will that he is disinheriting his legitimate spouse (and/or children) because he feels like doing so. So depending on what reason(s) he cited in his will, this can be contested in court by his so -called compulsary heir(s) (legitimate wife & children). It now boils down to how good his "will" writer is, or how valid his reasons were for the disinheritance.

One cant disenherit a legitimate wife more so a legitimate child. Automatic 50% ka agad yan. Kaya others have prenups to lay down the groundrules before marriage.

In the absence of that i dont think a will can supercede a law.

Dapat dyan he settled it before he grew too old dapat may quit claim.

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