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Heirs Bond

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1 Heirs Bond on Mon Oct 17, 2016 4:47 am

Zem


Arresto Menor
My mom passed away two years ago. We have a joint time deposit account. Naka "and" lang kami so I was required by the bank to go to BIR to obtain CAR. After a year, dahil super bagal ng BIR, nakuha ko na yung CAR. So pagbalik ko sa bank atsaka ko pa lang nalaman na need pang ifile sa Register of Deeds yung documents. And aside from that they are requiring me to get an Heir's bond with two years validity. Just in case daw na may iba pang magclaim. I'm an only child, but since my father is alive, extrajudicial ang ginawa namin and nag waiver father ko. So I need someone to explain to me bakit kailangan pa nung heir bond? It's very expensive. Hindi naman kalakihan yung time deposit namin ng mom ko. Parang unfair po kasi, pera naman namin yun magiging bato pa. Hope someone can enlighten me. Thanks in advance!

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2 Re: Heirs Bond on Mon Oct 17, 2016 5:06 pm

payoneer


Arresto Menor
When someone passes away, property, rights and obligations transfer immediately to the heirs of the deceased. But it does not automatically mean that you (as an heir) can enjoy the benefits of the property/ies left by the deceased person. Certain procedures must be followed. First, one must settle the estate taxes of the estate of the deceased. Another would be for the execution of either a judicial or extrajudicial settlement of estate. Having said all these, you have to comply with these requirements first (or any other requirements which may arise in your case), before enjoying the property/ies left by your mom.

The law is quite harsh, but its still the law.

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3 Re: Heirs Bond on Mon Oct 17, 2016 6:11 pm

Zem


Arresto Menor
Thanks for your reply. I do understand and do comply with the government's requirements. However, what I wanted to know is if the heir's bond is also a requirement of the government or is it just my bank. The bank told me they require it just in case someone else appears and claims the money. But like I said I'm an only child and my parents have no other families outside of marriage. I had already filed an extrajudicial settlement along with my father's waiver. Aside from that this money is mine to begin with, my mom and I only decided to open a joint account then because I was working abroad that time. She updates it on my behalf. So under these circumstances isn't it clear that there's no possibility that someone else would claim the money? So I can't understand and can't accept the bank's reason for forcing me to take an Heir's bond which cost around 60k when our time deposit doesn't amount much, but unless it's the government's requirement then of course I have no say in this matter.

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4 Re: Heirs Bond on Mon Oct 17, 2016 9:00 pm

payoneer


Arresto Menor
There are inconsistencies in your story sir. You said you already executed an extrajudicial settlement for the estate of your mom. If that extrajudicial settlement was done correctly, you would understand right of the bat the purpose of the bond. Also, you keep mentioning that you are a child and yet you already worked abroad. Please do not expect a bank to just hand over a big sum of money to a twelve year old. This gives the bank more reason to ask for a bond.

In any case, you have to understand that the bank is just protecting itself from claims that might crop up after you get your mom's deposit. This two year period is provided for under the Rules of Court, so no point in arguing against it. Moreover, cash bonds do not cost naman the entire amount that you would be receiving. You should should around for a reputable yet affordable surety company. Or better yet, seek the help of a legal professional.

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5 Re: Heirs Bond on Mon Oct 17, 2016 10:03 pm

Zem


Arresto Menor
What I meant was I have no siblings. Sorry for the confusion. Since I worked hard for that money, saying goodbye to 60k is no joke. I hope you understand why I feel this way. I'm quite broke already because of all the medication and hospitalization fees for my mom, she was a cancer patient. Then I had to stop working to take care of her in her final year. Now that my mom's gone, I can't go to work because I have a young son which I left in her care. Now only my husband is working but it's not enough since we have a lot of loans we need to pay off. I was not aware before of this entire tedious process. If I had known I would have pulled out the money before my mom died. Just explaining my side. Anyway thanks for the reply.

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6 Re: Heirs Bond on Mon Oct 17, 2016 10:08 pm

Lunkan


Reclusion Perpetua
"under these circumstances isn't it clear that there's no possibility that someone else would claim the money? "
The bank need DOCUMENTS showing the money is yours.
Have you shown the bank the Extrajuridical verdict? Don't they bother about that?
On top of that the bank need a document showing your FATHER don't claim any part of these money.

"Also, you keep mentioning that you are a child and yet you already worked abroad. Please do not expect a bank to just hand over a big sum of money to a twelve year old. "
I have been grown up many years, but I'm my parents' child for ever Smile
I suppouse Zem ment that.

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7 Re: Heirs Bond on Mon Oct 17, 2016 10:15 pm

Zem


Arresto Menor
Thanks Lunkan. I showed the Extrajudicial Settlement and my father's waiver. But they still insist I need to get the bond. I have no idea about all the legal mumbo jumbo so I'm really really lost. I was wondering if there was another way around it so to speak because right now I really can't afford that bond but I do really need my money. It's causing me a lot of stress.

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8 Re: Heirs Bond on Mon Oct 17, 2016 11:03 pm

Lunkan


Reclusion Perpetua
Zem wrote:I showed the Extrajudicial Settlement and my father's waiver. But they still insist I need to get the bond.
Are the documents you show notarised?
If Yes. then I find it redicilous if more are demanded
BUT I don't know what the law say about it. Some parts of the law are redicilous Smile

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9 Re: Heirs Bond on Mon Oct 17, 2016 11:05 pm

payoneer


Arresto Menor
Zem:

"RULE 74

Summary Settlement of Estate

Section 1. Extrajudicial settlement by agreement between heirs. — If the decedent left no will and no debts and the heirs are all of age, or the minors are represented by their judicial or legal representatives duly authorized for the purpose, the parties may without securing letters of administration, divide the estate among themselves as they see fit by means of a public instrument filed in the office of the register of deeds, and should they disagree, they may do so in an ordinary action of partition. If there is only one heir, he may adjudicate to himself the entire estate by means of an affidavit filled in the office of the register of deeds. The parties to an extrajudicial settlement, whether by public instrument or by stipulation in a pending action for partition, or the sole heir who adjudicates the entire estate to himself by means of an affidavit shall file, simultaneously with and as a condition precedent to the filing of the public instrument, or stipulation in the action for partition, or of the affidavit in the office of the register of deeds, a bond with the said register of deeds, in an amount equivalent to the value of the personal property involved as certified to under oath by the parties concerned and conditioned upon the payment of any just claim that may be filed under section 4 of this rule. It shall be presumed that the decedent left no debts if no creditor files a petition for letters of administration within two (2) years after the death of the decedent.

The fact of the extrajudicial settlement or administration shall be published in a newspaper of general circulation in the manner provided in the nest succeeding section; but no extrajudicial settlement shall be binding upon any person who has not participated therein or had no notice thereof."

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10 Re: Heirs Bond on Mon Oct 17, 2016 11:28 pm

Zem


Arresto Menor
Thanks payoneer. I haven't filed the documents yet to the registry of deeds that's why I know nothing about this rule. Thank you for making it clear.

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11 Re: Heirs Bond Today at 10:20 pm

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