The document discusses the settlement of an estate after someone passes away. There are two ways to settle an estate - judicially through the court system, or extra-judicially without going to court. Extra-judicially, the heirs sign documents dividing the assets and have them notarized and published. Judicially, a petition is filed in court and notice is published. The court oversees dividing small estates or estates with wills or disputes. Three case examples are also provided.
The document discusses the settlement of an estate after someone passes away. There are two ways to settle an estate - judicially through the court system, or extra-judicially without going to court. Extra-judicially, the heirs sign documents dividing the assets and have them notarized and published. Judicially, a petition is filed in court and notice is published. The court oversees dividing small estates or estates with wills or disputes. Three case examples are also provided.
The document discusses the settlement of an estate after someone passes away. There are two ways to settle an estate - judicially through the court system, or extra-judicially without going to court. Extra-judicially, the heirs sign documents dividing the assets and have them notarized and published. Judicially, a petition is filed in court and notice is published. The court oversees dividing small estates or estates with wills or disputes. Three case examples are also provided.
The document discusses the settlement of an estate after someone passes away. There are two ways to settle an estate - judicially through the court system, or extra-judicially without going to court. Extra-judicially, the heirs sign documents dividing the assets and have them notarized and published. Judicially, a petition is filed in court and notice is published. The court oversees dividing small estates or estates with wills or disputes. Three case examples are also provided.
There are two ways to settle the estate of the deceased –
judicially and extra-judicially.
When a person dies he or she leaves behind assets and
liabilities. Since the deceased can no longer exercise acts of
ownership over the assets and pay off the liabilities, the heirs
are given the legal task to perform those things in behalf of
the decedent. IMPORTANCE
Understanding the process of settlement of
estate is important to avoid complications
and disputes when a property is divided
between legal heirs.
PROCEDURE The executor, sometimes referred to as the administrator, must collect the decedent's assets, pay his debts and estate taxes, and distribute his remaining assets to the heirs named in the will. This process, called settling the estate, occurs under the supervision of the state probate court. An Executor is nominated within the Will of a deceased person. If there is no Will, an Administrator is appointed by a Court to manage or administer a decedent's estate. EXTRAJUDICIAL SETTLEMENT
• “Extrajudicial” means “outside of court.”
• The heirs do not have to go to court to
partition the properties left
by the decedent. EXTRAJUDICIAL SETTLEMENT PROCEDURE
1. Prepare a “Deed of Extrajudicial
Settlement of Estate and Adjudication of
Estate” to be signed by all of the heirs,
which must contain the following
information: Deed of Extrajudicial Settlement of Estate and Adjudication of Estate That the decedent left no will;
That the decedent left no debt;
Each heir’s relationship to the decedent (e.g.
spouse, son, daughter, father, mother etc.);
That they are the decedent’s only surviving heirs
An enumeration and a brief description of the
decedent‘s properties, both real and personal,
which the heirs are now dividing among
themselves. 2. Have the “Deed of Extrajudicial Settlement and
Adjudication of Estate” notarized before a Notary
Public after all the heirs have signed it.
3. Deed of Extrajudicial Settlement and
Adjudication of Estate” will be published in a
newspaper of general circulation once a week for
three (3) consecutive weeks.
4. Estate Taxes should be paid before the
Bureau of Internal Revenue (BIR).
5. The notarized “Deed of Extrajudicial
Settlement and Adjudication of Estate” shall be
registered with the Register of Deeds.
JUDICIAL SETTLEMENT OF ESTATE
There are times when resort to court is
unavoidable, particularly when the
deceased left a will or debts and/or the
heirs are in dispute.
JUDICIAL SETTLEMENT OF ESTATE COMMON REQUIREMENTS:
1. By means of a petition filed in court.
2. Where filed? a. If the decedent was a resident of the Philippines at the time
of his death, the petition must be filed before the Regional
Trial Court in the place where he resided at the time of his
death.
b. If the decedent was a resident of a foreign country at the
time of his death, the petition must be filed in any Regional
Trial Court in the province where he had estate.
JUDICIAL SETTLEMENT OF ESTATE COMMON REQUIREMENTS:
3. Publication.
Notice of the filing of the petition for settlement
of estate and the proceedings thereof are
required to be published in a newspaper of
general circulation once a week for three
consecutive weeks. WHEN IS THERE A JUDICIAL SETTLEMENT? 1. SUMMARY SETTLEMENT OF ESTATES OF SMALL VALUE. An estate of small value is worth Ten Thousand Pesos or less,
regardless of whether or not the decedent left a will.
The steps to follow are:
a. File a petition in court alleging that the estate is of small
value.
b. Publish a notice of the settlement proceedings in a
newspaper of general circulation once a week for three (3)
consecutive weeks.
c. After completion of publication, the court may set the
case for hearing and proceed summarily to settle the estate.
WHEN IS THERE A JUDICIAL SETTLEMENT? 2. PROBATE OF WILL. If the decedent left a will, such must be probated, i.e., allowed
or disallowed. The steps to follow are:
a. File a petition in court praying for the probate of the will and
settlement of estate of the decedent.
b. The court will set a time and place for the probate and shall
cause notice of such to be published in a newspaper of
general circulation once a week for three (3) consecutive
weeks.
c. On the hearing date, the court will proceed with the probate
of the will and distribute the estate to the heirs/legatees
accordingly. WHEN IS THERE A JUDICIAL SETTLEMENT?
3. DECEDENT LEFT NO WILL.
If the decedent left no will, the steps are the same as
the above, except that the petition will pray for the
The Complete Guide to Planning Your Estate in North Carolina: A Step-by-Step Plan to Protect Your Assets, Limit Your Taxes, and Ensure Your Wishes are Fulfilled for North Carolina Residents
The Complete Guide to Planning Your Estate in North Carolina: A Step-by-Step Plan to Protect Your Assets, Limit Your Taxes, and Ensure Your Wishes are Fulfilled for North Carolina Residents
