Estate planning is a crucial part of protecting your future and legacy. It is the process of preparing and creating a plan for the management, preservation, transfer, and disposition of properties and assets of an individual upon incapacity or demise. It is also a way to ensure that your wishes are respected and that your family is taken care of if something were to happen to you.
When you think of estate planning, you might think of wills and trusts. But there is more to estate planning than just those two items. Estate planning involves determining how your assets will be divided, who will receive them and when, how your debts will be paid, and who will be responsible for managing and distributing your assets after you are gone. It also involves protecting your family from potential creditors, ensuring the proper distribution of your assets, and minimizing the taxes that your estate may owe.
In our country, protecting the future and legacy are guided by the New Civil Code provisions on Succession, the Family Code of the Philippines, special laws, and applicable jurisprudence.
Estate Planning is an important must-do for anyone who owns real or personal properties, regardless of the size of the estate, the type of property or amount of assets, who has bank accounts, or who has kids or loved ones because it has a huge impact on your legacy. Planning ensures that your property is properly managed, preserved, and transferred to the right beneficiaries or kin, according to law and your wishes. Most importantly, it protects your assets and protects the rights of your loved ones when you are no longer there to protect them or look after them.
When you begin the estate planning process, it is important to start by gathering all the relevant information about your assets and liabilities. You should also determine who you want to receive your assets and when.
We, at FRB Law, help our clients make the right decisions and ensure their properties, assets, and loved ones are protected. The whole process will be guided, from the initial assessment down to the details of managing the assets. This is important to ensure that your wishes are met and that your assets are distributed in the way you envision.
As we progress in life, our goals may also change, therefore the estate plan should also be updated. Estate Planning is an ongoing process that should also change with time. Nevertheless, in solving your problems as well as preventing future disputes, we ensure that this process will be stress-free for you if not fun.