As professionals who strive to be successful in whatever we do, we sometimes reward ourselves from time to time in order to be motivated to achieve our next goals. Some people choose to invest and buy properties like houses, apartments, condominiums, and so on. Others buy things with high values, like cars, jewelry, and luxurious furniture.
All of the things mentioned above become our property, and they can be included in estate planning. Here in the Philippines, when people hear estate planning, they automatically think of a person’s last will or documents one needs to organize only when they’re older. However, one thing the general public is not aware of is that you can actually benefit from estate planning if you arrange it as early as possible.
Most people overlook the importance of estate planning in the Philippines, making them consult estate planning lawyers too late. Yap Kung Ching & Associates Law Office is a reliable legal service provider that houses several estate planning lawyers who are ready to guide you through your estate planning.
What Is the Meaning of Estate Planning?
No matter how much you make, every single person has an estate, and all of us are entitled to plan what happens to our property and where it goes when we pass away. This is the meaning of estate planning. It is when a person plans ahead in order to divide their estate properly.
You can either leave your things to your family and the people you trust the most or donate them to different charities and organizations you support. To ensure that your last wishes are carried out, hiring an estate planning lawyer in the Philippines is necessary. They can assist you by providing specific instructions. Some of the things they’ll discuss with you include who your beneficiaries are and what items they’ll receive when you pass away.
Estate planning lawyers, like the ones from YKC Law, can also ensure that you will pay a fair amount of taxes, legal fees, and court costs when arranging your estate planning.
Why You Need an Estate Planning Attorney
Estate planning is not as simple as listing names of who gets what. There are many laws surrounding it, which is why it is best to receive help when it comes to the delegation of precious property to someone who knows the ins and outs of estate planning.
Here are some reasons why you need an estate planning attorney:
Estate planning is one way to protect your loved ones, especially if you are the breadwinner of the family. Its main component is assigning the heirs of your assets, so you get to choose who inherits your house, car, bank account content, jewelry, and so on. Without an estate plan, the court will automatically decide for you. This process can take longer and cost more.
Spares Heirs From Big Tax Bite
The Bureau of Internal Revenue takes a big chunk of tax when assets are transferred to heirs without an estate plan. Preparing one can spare your family from high estate and inheritance taxes.
Helps Avoid Family Feud
When you leave the decision of dividing your property to your family, conflict may arise, resulting to disagreements and family feuds. To avoid this, it is best to decide by yourself with the guidance of an estate planning attorney to show equality.
Names the Legal Guardian For Younger Children
As parents, you have to prepare for the future. Your estate plan includes assigning guardians for your children under 18 years old in the event that you and your partner are no longer alive. Without estate planning, the court will decide who gets to raise your children.
Specified Instructions For Your Care
Should you develop a debilitating illness or become disabled, your estate plan will also help the people around you know what you want for your care. This includes orders that want to be medicated, operated on, or be left to pass away naturally.
What Does an Estate Planning Lawyer in the Philippines Do
YKC Law has different legal practice areas, all of which are manned by knowledgeable lawyers. One of those areas is real estate, and our estate planning attorneys can definitely help you craft a fool-proof estate plan.
If you still find yourself asking whether or not you really need an estate planning attorney, here’s a few things they can help you with that may convince you to hire one:
Helps You Write Your Will
Estate planning in the Philippines cannot be done quickly. Sure, there are a lot of will templates online. However, they do not actually fit everyone’s needs and conditions. Your will should outline everything you want to happen once you are no longer capable of making decisions.
A reliable estate planning attorney knows what properties you should allocate to your beneficiaries. Furthermore, they are experts in reducing your chances of going into court once you file your will.
Explains Estate Taxes
Estate tax can be complicated to understand, especially for people unfamiliar with taxes and law. An estate planning attorney can explain to you what it is, why it’s important, and how you can reduce those applied to you. A knowledgeable estate planning attorney can also tell you that estate taxes are different from property taxes.
Assists in Updating Documents as Necessary
When a significant event happens, like divorce, death, or birth of a child, you may want to tweak your estate plan. Your attorney can update your documents for you and edit them as you wish throughout your entire contract with them.
Estate planning in the Philippines can be a bit complicated. However, it is something that we all should do in order to make sure our property goes to the right people. Luckily, a legal service company like Yap Kung Ching & Associates Law Office has excellent estate planning attorneys who can guide you throughout the process of making your estate plan.
If you’re interested in the legal services we offer, feel free to contact us.