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Does our situation qualify for a deed of donation?

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hellokitty9


Arresto Menor
My dad's health is failing. The house is in his name. It's currently loaned at the bank as collateral. What happens if he dies all of a sudden? Are we obligated to pay the bank or is the bank going to "take away" our house?

Can we ask him to sign a deed of donation for that house to my mom? Is that allowed even if the house is on loan?

If my dad suddenly dies and there was no last will and testament or a deed of donation, can his siblings make a claim to his properties?

Please help.

Thank you!

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attyLLL


moderator
first, check if the bank required him to issue a life insurance policy in favor of the bank. some require it. when he passes away, the loan may be extinguished. if none, someone will have to keep paying for the loan to keep the payments current.

I assume your parents are married and don't have a pre-nuptial agreement.

what year were they married? how was the house acquired, inherited or purchased?

if it was purchased during the marriage, a donation to the mother is useless, it's their joint property.

his properties will be inherited only by his wife and children, siblings will not have share. he can donate to the children in contemplation of his death, but this will not have any effect on the loan.

if he has no will, then the law will just apply. his half of the conjugal properties will be shared by the wife and legitimate children in equal shares.


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hellokitty9


Arresto Menor
My parents are still married, no prenup. They got married 1974. The property was purchased by my dad and they built a house on it. The reason we want it in my mother's name is that my mom was the one who spent for the renovation (every now and then) and she's the one maintaining it. They're still together.

If the property was purchased during their marriage and a donation to my mom is useless, can he make that donation to us, his children, before his death?

Thanks so much to replying so fast.

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attyLLL


moderator
he can donate to the children in contemplation of his death
this is called donacion mortis causa. the bir should charge you estate taxes and not donor's tax rates. you should consult with a lawyer how to draft one. good luck.


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