Inherited Funds Protection Guide

Summary

Inherited funds in the Philippines are exclusive to the inheriting spouse, even if received during marriage. To protect these funds, maintain proper documentation, such as the original will or legal documents, and keep them in separate accounts. Avoid commingling with conjugal property. If the funds are invested, ensure all accounts are in the inheriting spouses name. A written family agreement on property distribution is beneficial. Consult a lawyer for compliance with Philippine laws and safeguarding interests.

Full Conversation

yes pls provide how to maintain proper documentation. and since if it will be invested in bank instruments, or money market like tbills, bonds or trust . obviously there will be a need to fill up the banks customer info sheet and obviously it is best to write down the correct details such as being married and all. assuming wife files for annulment or divorce since wife is dual citizen . filipino citizen and american citizen. is the money that was place in trust or money market still safe from the spouse.
Here are some tips on how to maintain proper documentation and ensure that inherited funds remain exclusive property:
*. Keep Inheritance Documents:
- Retain the original will or deed of donation.
- Keep any legal documents proving the inheritance.
*. Separate Accounts:
- Open a separate bank account solely for the inherited funds.
- Avoid mixing these funds with any conjugal property or joint accounts.
*. Document Investments:
- Keep detailed records of all investments made with the inherited money.
- Ensure all investment accounts are in the inheriting spouse's name only.
*. Bank Customer Info Sheet:
- Accurately fill out the bank’s customer information sheet, including marital status.
*. Consult a Lawyer:
- Seek legal advice to ensure compliance with Philippine laws and to safeguard the inherited funds.
Would you like to know more about the annulment process or any other legal concern?
there is no deed of donation or deed of sale that was made by the parents of the husband . The parents had a property sold and the proceeds of the sale was given to the children - husband. Actually the property that was sold was under the name of one of the husband sibling. Since there is an internal agreement with the family of the husband that all children are co owners equally on the stated property and */* is owned by the mother who is still alive.
It sounds like the situation involves shared family property and proceeds from a sale that were distributed without formal documentation. Here are a few steps to consider:
*. Formalize the Agreement:
- Have a written document that clearly states the internal family agreement about the ownership and distribution of the property and proceeds.
*. Legal Documentation:
- Even if no deed of donation or sale was initially made, consider creating a formal agreement now. This can be a notarized document signed by all parties involved.
*. Bank and Investment Records:
- Keep detailed records of the funds received and their allocation, including bank statements and investment account records.
*. Consult a Lawyer:
- Given the complexities, it’s advisable to consult a lawyer to ensure all actions comply with Philippine laws and safeguard your interests.
Would you like more detailed advice on drafting the agreement or any other specific legal matter?
there is already an internal written agreement properly documented and signed by all siblings.
Case Rating: *
It's good to know that there is already an internal written agreement properly documented and signed by all siblings. This will help in maintaining clarity and preventing disputes in the future.
If you have any questions or need further assistance regarding investments, bank documentation, or any other legal matter related to this agreement, feel free to ask!