Extra Judicial Settlement of Estate

PASKO NA NAMAN! Longest Christmas Season It's Christmas season once again. Pasko or Christmas is one of the most celebrated events in the Philippines. In fact, we have the longest Christmas season in the whole world. It's known as the "Ber months", with September as the starting month. At this time, we can already see christmas decorations and hear christmas songs played, on malls,  public transportations and even at homes. On the streets, lanterns or "parol" are already on display for sale. These are signs that once again it's Christmas season. Misa de Aguinaldo Back to my home place, the barrio where I was born, it was a tradition to hold a  nine (9) day novena in preparation for the birth of Jesus on Christmas Day, December 25. The novena would start dawn of December 16 and ends on 24th of December. As a child back then,  I really looked forward to these "Aguinaldo novenas", as we call it, because right after the novena, there will be "...

What is Section 4 Rule 74 These past days, I was busy working on four Extra Judicial Settlement of Estate processes. Three of which were about Annotation of Extra Judicial Settlement of Estate to claim sum of money, and the other was Extra Judicial Settlement of Estate with Absolute Sale. From these experiences, I was able to understand the logic behind annotation of Section 4 Rule 74 on the title.  As I understand, within the two (2) years after the settlement of estate and its distribution, if there's an heir or a person who will come up to say that he/she is deprived of his/her lawful participation in the estate, then he/she can compel the settlement of the estate in the courts per provision of Section 4 Rule 74, Rules of  Court.  As we can see,  annotation of  Section 4 Rule 74 on the title, when we are processing settlement of estate, is really important.  Anyway, once the two (2) year period has passed and no claimant has showed up,  you can have...

LRA On-line Tracking System (LOTS) This is a very good project of the LRA. Here, we are able to track the status of our transaction with any branches of the Registry of Deeds through out the country via online. This will eliminate the hassle of calling or going to their office personally to follow up a transaction. We can do the follow up at our own pace because it is through online. This is very favorable to avoid the traffic and transportation expenses when doing personal follow up. Link to the LRA On-line Tracking System (LOTS) https://lots.lra.gov.ph/TransactionStatus / Checking if it's working I tried checking it myself to determine if it is working. I used my previous request for a certified true copy of title, and yes up to this time it us working.  You just need to select your kind of transaction, then location of the Registry of Deeds where you have a transaction, then finally, input your EPEB No. This is from your official receipt issued by the Registry of Deeds when you ...

There are three ways to settle an estate here in the Philippines. They are via the Extra Judicial Settlement, the Affidavit of Self-Adjudication, or through the Judicial Settlement of Estate. Extra Judicial Settlement of Estate It is the option to use when the following scenarios are present: 1. There is no last will and testament left by the decedent (owner of the estate who passed away) 2. There are several heirs and they agree to the division agreement. 3. There is  no debt left behind or has been fully paid. For those who want to settle their estate via the Extra Judicial Settlement, please be advised that the ongoing Estate Tax Amnesty will be expiring on June 14, 2023. The amnesty is applicable for those who passed year 2017 below.  It would be a great help because you won't be required to pay interest and surcharges. Estate tax under the amnesty would be computed straight 6% of the market value of the estate at the time of death of the owner.  For those who passed ...

Contents: Filing TIN of the Estate  Transfer of RDO- BIR form 1905 TIN of the Estate - BIR Form 1904   When we are filing for an Estate Tax, aside from the many requirements that we need to submit, filing a TIN of the Estate is also a must to do. We will be using the TIN of the Estate in paying the Estate tax. It will be applied using BIR form 1904. Filing TIN of the Estate  Lately, we were able to process an Extra Judicial Settlement of Estate. I was one of the Attorneys-in-Fact. The place of residence of the decedent (the one who passed away), was NCR. When we were in the process of applying TIN for the Estate, the BIR staff noted that the TIN of the decedent, when he was still living, was from another BIR RDO branch. The RDO advised that we need first to have the TIN of the decedent cancelled. The cancellation will be done by the RDO who issued his TIN when he was still living.  Transfer of RDO- BIR form 1905 We were endorsed to his RDO branch, which was also in t...

Magandang araw! I've got here some really good news, for everyone. Early this week, I was processing a sale transaction with the BIR, being the Atty-in-Fact of the seller who is out of the country. Deed of Sale Requirements I will not go into details on the sale transaction requirements, since I already have a detailed blog here on that. You can just search for "Deed of Absolute Sale" blog for guidance still on this site, pamanafromancestors.blogspot.com. Documentary requirements After completing their documentary requirements and payment of taxes, which are the capital gain tax and documentary stamp tax, I submitted the documents to the receiving staff ready for the eCAR processing. Then I was given a claim stub, stating to follow up the eCAR after 3 working days from date of submission of the documents. eONETT I was amazed, finally BIR is able to come up with a system that is fast and of course reliable, I believed. Upon reaching home, I immediately searched the BIR sit...

A BLESSED ALL SAINTS DAY AND ALL SOULS DAY TO ALL! Magandang Araw! Today is November 1, 2022, a Tuesday and it's All Saints Day, a day to remember the saints who had lived exemplary life while still here on earth. It is a teaching from our church to celebrate November 1 as a day to remember the saints and November 2 for the souls of people who have already departed. It's important to celebrate these days as a great reminder that once we had these people with us and we shared everything in life with them. To remember them by offering prayers and doing good deeds by imitating the simplicity and goodness of a saint's life when still on earth. That would be a great way to honor them. By celebrating All Souls Day, we are also reminded that everything on earth is passing, and Life is not an exemption. Our ancestors may have gone ahead, but it is one thing inevitable to everyone. However, it is our hope and prayer that we be given a much healthy and longer life so we will have the...