Extra Judicial Settlement of Estate

Hello everyone! I wish you the best of everything despite all that we were into these past years/months 🙏❤️. I would be sharing again an experience I encountered few days ago with regard to the Extra Judicial Settlement of Estate I am currently working on. First, I will bring you back to November 2021, when I posted the work processes I did for an Extra Judicial Settlement of Estate under TRAIN LAW. Here is the link to that, to help you remember and for easy reference. EJS 1st filing Please note, that was a completed transaction with BIR. The eCAR was already released to us. Remember also that under TRAIN LAW, the Estate of the Decedent is entitled to a 5Million standard deduction. Then.. the heirs of the Decedent realized there are still real estate properties that they failed to include in that Extra Judicial Settlement of Estate mentioned above. These properties should also be divided among the heirs and ownership passed on to them as well. Getting the advise of the BIR examin...

  EXTRA JUDICIAL SETTLEMENT OF ESTATE under TRAIN law,  TRAIN (TAX REFORM FOR ACCELERATION and INCLUSION): Greetings! Another experience I would share with everyone was filing an estate tax for the estate of one who passed away under the TRAIN law, year 2018 onward.  These past months, I also worked on filing an estate tax for the estate of one who passed away under the TRAIN law, year 2018 onward. The death occurred year 2019, processing here would be under TRAIN LAW. This was no longer covered by the tax amnesty which is currently ongoing up to June 2023. Estate tax requirements  (please click link) REQUIREMENTS I SUBMITTED TO BIR: 1. PSA death certificate 2. TIN of decedent and heirs 3. Extra Judicial Settlement of Estate duly notarized 4. Certification of the Barangay Captain for the Claimed Family Home 5. Certified true copy of title 6. Certified true copy of tax declaration at the time of death of decedent 7. Certificate of no improvement 8. Birth certificate ...

Greetings ! It's been quite sometime since my last update on Part 4 - Extra Judicial Settlement of Estate. This Part 5 is just a continuation. For your information, this Extra Judicial Settlement was for the estate of an ancestor who passed away in the 1980's, hence it was qualified to avail of the Estate Tax Amnesty which is currently ongoing up to 2023. The estate tax was computed straight 6% of the market value of the property at the time of death, without any penalty.  The estate tax was paid and all documents submitted to BIR June 2021. The eCAR was released to us end of September 2021. It took the BIR three months to process the ECAR. The pandemic was one great reason for the delay, I supposed. NEXT STEP- THE REGISTER OF DEEDS Although I'm not yet ready to submit this to the Register of Deeds,  as this is provincial and far from my location, but I need to gather all the requirements needed for the submission. For this, I was able to research in advance. In fact, I re...

Transfer of tax declaration's name Once you have claimed the Transfer Certificate of Title from the Register of Deeds, after a quite long process, the final step is for you to transfer the tax declaration to your name as the new owner of the real estate property. To process the transfer, required documents need to be submitted to the assessor's office where the real estate property is located.  Providing below the requirements for your easy reference. List of requirements: 1. Transfer certificate of title/certified true copy of title in new owner's name; 2. ECar from the BIR; 3. Deed of Absolute Sale with BIR stamped; 4. Transfer tax payment receipt/certificate of transfer tax payment; 5. Tax clearance In my experience, the assessor's office will check the original/duplicate documents, but will only get the xeroxed copies. Hence, be prepared to have the original/duplicate and xeroxed copies of the documents ready. You will pay a very minimal fee for the transfer of tax...

Good day to everyone! My wishes of good health and wellness to all. Today I would share the experience I had with regard to partitioning a titled lot. Two friends of mine decided to buy a 256 sqm corner lot in a subdivision. It was titled, real estate taxes were updated and the location was for them perfect. However, the intention was to subdivide the lot and for them to get separate titles in their name for each of the resulting lot. Anyway, corner lots are great to subdivide. Per Land Registration Authority (LRA): "ALL SUBDIVISION/CONSOLIDATION TRANSACTIONS REQUIRE THE FOLLOWING DOCUMENTS ASIDE FROM THE BASIC REQUIREMENTS: Letter request for subdivision/consolidation Sepia or polyethylene film of the plan duly approved by Land Registration Authority or the Land Management Bureau Blue copy of the plan Original technical description (duly approved) IF WITH CHANGE OF OWNERSHIP, THE FOLLOWING ADDITIONAL DOCUMENTS ARE REQUIRED: Agreement of partition Real estate tax clearance The pr...

Hi again! Good day to all of you.  Hope everyone is in the best of health and everything is fine❤️. This is the 4th part of the Extra Judicial Settlement of Estate that I am currently working on.  Today, I would share the details when I presented the documents to the BIR ONETT team for evaluation and tax computation. Word/point to know- Decedent - the one who passed away and giving on the pamana via the Extra Judicial Settlement of Estate. Estate Tax Amnesty is extended for another 2 years or up to June 14, 2023, per information from BIR. Current news also stated that Senate has approved Senate Bill No. 2208 which sought to amend RA No. 11213 or the Tax Amnesty Act by extending the application period to June 14, 2023. Update as of June 30, 2021: President  Duterte signed Republic Act No. 11569, extending the June 14 deadline for applications of estate tax amnesty until June 14, 2023 . Documents review by ONETT-  Transacting with BIR may require a lot of time and lo...

To the whole world, a pleasant day to everyone! What I would share today is about adverse claim. This happened a few years back. However, I made some research to know if there are some changes to the process we did. So far, the process is still the same as what we did before. A friend requested me to assist them with regard to some issues they encountered over a piece of inherited land. The property was not yet subdivided. It was still in the name of the original owner who already passed away. Their family was one of the heirs. One day, it came to their attention that the land was offered for sale. They were surprised because they were not informed about the plan to sell the property. And to add up, news reached them that there was already a buyer. In order to have proper guidance, we seek the advise of a lawyer. We narrated everything that happened. The lawyer suggested that they file an adverse claim over the land. What is an adverse claim? It is a formal statement in writing, made ...