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Extrajudicial Settlement and Estate tax on bank deposits

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cncrned_ctzen


Arresto Menor
My mother died 11 years ago. She left several bank accounts under her name. When we were trying to acquire the money deposited, the banks said that we needed to submit the an extrajudicial settlement of estate and a receipt certifying payment of the estate tax.

1. Isn't it that usually what are settled extrajudicially are real properties, can personal properties alone like bank accounts be extrajudicially settled?

My mother left no real property belonging only to her name. Most of the property she bought was co-owned by my father. Therefore, it is only her bank accounts that we needed to settle.

2. What are the requirements for paying estate tax if only personal property was left in the estate? Is there a penalty incurred because of the delay in payment?

Thank you very much and I hope that you can enlighten me on these matters.

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taxconsultantdavao


Reclusion Perpetua
1st query.
the gross estate of a deceased covers all properties , whether real or personal. it may also include intangible properties

hence, bank accounts of the deceased should be settled by the heirs before the latter can withdraw the said amounts.

if me real property, ang bir clearance , i present niyo sa register of deeds.

if me personal property like cash in the bank, i present niyo sa banko iyan ang bir clearance sa banko.


ANOTHER ISSUE: MALI IYONG SINABI MO NA DAHIL WALANG NAKAPANGALAN NA TITLE SA MOTHER MO MISMO, HINDI NA NEEDED ANG BIR CLEARANCE. YOU NEED TO PRESENT THOSE TITLE SA BIR EXAMINER FOR THEM TO EXAMINE IF NEEDED BA ANG BIR CLEARANCE. YOU MAY ALSO ASK SA ROD IF NEEDED BA ANG BIR CLEARANCE. KASI IT MAY HAPPEN NA NAKAPANGALAN SA PAPA MO, PERO MARRIED TO YOUR MOTHER ANG NAKA PANGALAN. it may be conjugal or exclusive depende sa underlying transaction when the title was transferred.

wag ka maniwala sa sabi sabi ng mga lawyer o law student na wala alam. dalhin mo mga papeles mo at ipakita ang mga papeles na iyan. iyong mga real estate properties ng father mo, malay natin na conjugal iyan.

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