Rizal Philippines
January 4 2015
Example of Estate Planning at Docslide (US version)
Will Crafter
We were on the wake of of former classmate who left huge deposit in at least 3 banks. From what we know, the decedent could not withdraw this unless the corresponding estate tax which amounts to at least 30% have been paid. Not to mention that there will be delay in the withdrawal of the deposit. The bank will only allow withdrawal of the amount to be paid to funeral services and some small debts. Otherwise the following will have to be done: extrajudicial or judicial settlement of estate, publication, and payment of the corresponding estate taxes. Quite a long process that may take at least 3 months or longer.
The sisters were frantic on how to get the money so that the chemo drugs running into 6 numbers and the funeral expenses too can be paid. Imagine the govt taking big chunk of what you worked so hard for and making it difficult to spend in your hour of grief.
It brings back to my mind, that one of the services wed did for our financing and lending companies was to to publish a estate planning handbook/manual.
It calls for the following:
1. Organize, list and file all personal records: birth certificate, marriage license, SSS, GSIS, Pag Ibig policy number, passbook, time deposit and insurance policies
2. Execute a will and testament in case something happens to you.
3. Execute a living trust. This involves the trustor, the trustee (an administrator who could be a person or a trust bank and your intended beneficiary. The assets will be transferred to the beneficiary in case of death
4. Execute blank deed of sale or withdrawal slip as the case may be. These may be help you avoid payment of estate tax.
5. Being mum/avoid publishing obituaries of the death of a loved one.
We will resume sending copies or CD of this to our customers.
Or you can request download of PDF file. Please e mail us a holygardens.group@gmail.com should you want to have a copy.
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