Drafting Your Last Will and Testament

[LadyRider]

I dunno if you guys have already thought of drafting your own last will and testaments?

Some people find it "morbid" to think about it at this stage in their lives, some people have already drafted one, while others are already thinking of drafting one.

How about you? Have you given it a thought already? or

[theveed]

I've told myself to prepare one for quite some time, but always seem to forget... Not being morbid or anything, but I've had friends who had their spouses pass away unexpectedly at an early age (below 40) and while there wasn't a huge wealth to settle, the intricacies that banks, insurance, and other financial institutions demand on the surviving relative is quite intensive...

Maybe I should just blog it for easy access hehehe...

IMO, a living will is harder to decide on than a last will hehe...

Here in SG, they actually have free will writing classes in community centers...

[CVT]

I've told myself to prepare one for quite some time, but always seem to forget... Not being morbid or anything, but I've had friends who had their spouses pass away unexpectedly at an early age (below 40) and while there wasn't a huge wealth to settle, the intricacies that banks, insurance, and other financial institutions demand on the surviving relative is quite intensive...

Maybe I should just blog it for easy access hehehe...

IMO, a living will is harder to decide on than a last will hehe...

Here in SG, they actually have free will writing classes in community centers...

That should be a good motivation to write one....

5000:boom:

[shadow]

huh!? I think I'm still quite young for that...hehehe

[LadyRider]

Death doesn't choose the right time, the right place nor status of the person. Even the health conscious people sometimes pass away unexpectedly! So even at an early age, I think about it (writing my last will and testament) once in a while coz you'll never know when you'll need it just as what Sir Theveed said.

We can say we don't even need it 'coz we're still young or we say that we are very healthy and that death is far from happening to you. You just don't know when the good Lord will get you.

I have a friend who married at the age of 26 same age as his wife. When the wife gave birth at the age of 27, 4 days later she died in the hospital due to heart failure... She was very lean, very consious of her health but look at what happened to her. Her daughter was only 4 days old kaya hindi na nya nakagisnan ang kanyang ina.

But lo and behold, my friend's wife pala drafted a last will and testament before she underwent surgery for her childbirth! She told her husband; "Just in case something happens to me..." She said. Kase alam nga nya kapag nanganak and isang babae 50-50 talaga ang chances ng buhay. Maybe she also has forseen what might happen to her...

It was really a sad ending to my friend kase he is now a dad and a mom to his daughter alone. Naunahan pa ng wife nya ang mom nya na may cancer.

[kiatsy]

I dunno if you guys have already thought of drafting your own last will and testaments?

Some people find it "morbid" to think about it at this stage in their lives, some people have already drafted one, while others are already thinking of drafting one.

How about you? Have you given it a thought already? or

Facticity of life is: DEATH KILLS! And it lurks all life long!

One is left with two choice as with regards to his/her intentions for the disposal of his/her wealth. Either he/she dies testate or intestate.

Morbid as it may, death can snuff out our dreams and ambitions.... for ourselves and our love ones.

Ponder upon it.

[Innova_Boy]

If one will be making a will, who will keep it? and how one will know if this is genuine?


WBR,

[LadyRider]

If one will be making a will, who will keep it? and how one will know if this is genuine?


WBR,

Good day Sir Innova_Boy, regarding your question, usually a lawyer of the family keeps it until the day of need... Usually handwritten ang mga LWT then a signature of the author at the bottom... Yung iba naka print-out sa computer sabay naka signature ang author sa ibaba or usually bawat page... Parang contrata rin kase po ito...

[mark_t]

My last will is in my life insurance policy.

Designation:

Irrevocable

Relationship:

My Wife

[shadow]

I have a friend who married at the age of 26 same age as his wife. When the wife gave birth at the age of 27, 4 days later she died in the hospital due to heart failure... She was very lean, very consious of her health but look at what happened to her. Her daughter was only 4 days old kaya hindi na nya nakagisnan ang kanyang ina.

But lo and behold, my friend's wife pala drafted a last will and testament before she underwent surgery for her childbirth! She told her husband; "Just in case something happens to me..." She said. Kase alam nga nya kapag nanganak and isang babae 50-50 talaga ang chances ng buhay. Maybe she also has forseen what might happen to her...

It was really a sad ending to my friend kase he is now a dad and a mom to his daughter alone. Naunahan pa ng wife nya ang mom nya na may cancer.

so? what's the point of her last will? I mean her husband is still alive? she have only 1 child...what? so her 4 day old child get her car/s? I mean it's not really complicated, I don't think there will be any dispute regarding her wealth...isn't it already in the law that children and spouses get a certain percentage on the wealth of the deceased?

and I don;t think the father will shortchange his child...


sorry, call me slow but I didn't get your story....

[Syuryuken]

ahh siguro yung mga magulang niya ang magmamana

[kiatsy]

ahh siguro yung mga magulang niya ang magmamana

If one will be making a will, who will keep it? and how one will know if this is genuine?


WBR,

This can be arranged with trustworthy persons, organization, relatives, bankers, trust company or insurance companies or lawyers, etc. .

Witnesses can testify; documents can be authenticated.

[kiatsy]

My last will is in my life insurance policy.

Designation:

Irrevocable

Relationship:

My Wife

With this arrangement, in case of your demise, the insurance proceeds will be tax free because the named beneficiary is Irrevocable.

[LadyRider]

Paki bura na lang po.... Thanks po.

[mark_t]

Make 3 copies of your LWT and have it notarized.

Mail thru registered mail 1 copy to your self. Do not open and keep this.

Submit 1 copy to the National Archives.

1 copy for safe keeping by someone you trust.

[pup2]

AFAIK, a holographic will is valid sa Pinas. Ang mahirap lang ay sino ang safekeeper/executor? Magkano ba bayad for that?

[theveed]

Video will kaya, mas madali and "authentic"... Just like any legal document, though, I think witnesses + notary authentication is sufficient.

[CVT]

Whew! This is proving to be a bit complicated.....

5101:pcwhack:

[theveed]

Who would've thought dying can be that complex in the modern world hehe...

Frankly, the well-off families usually think about such things way in advance and everything is usually settled way before any risk of predictable death creeps up... It's us regular folks who thinks "we don't have much to leave behind anyway" that gets into trouble... The technicalities of the law aren't that friendly to those the deceased left behind hehe.

What if pa-mold nalang natin yung thumb natin for fingerprint "signature" sa mga documents hehe... Parang stamp...

Morbid ko paminsan, sorry hehehe.

[Altis6453]

Well, from my experience, it's impractical to have a will unless you really have lots and lots of property to leave behind. For notarial wills, there are very strict rules to comply with in terms of form and execution so you'll need to hire a lawyer to help you. What's more, even if you have a notarial or holographic will, you'd have to have it presented to the Court for probate before any of its substantive provisions can be given effect. Again, you'll have to hire a lawyer to do it for you. Although not required by law, people who make wills should designate who their executors will be and who shall administer the estate while probate is going on.

I think it's more important to plan your estate during your lifetime so that even if you die intestate, there will be very little of your assets left subject to the estate tax. There are lots of ways to do it and I guess its all a matter of preference on the part of the person.