Retirement and estate previews

Estate planning isn't just for the rich. It's how you make sure the people you love can get to your money and property without a long, costly process.

• Name your beneficiaries on every insurance policy and account, and keep them updated after marriage, a new baby or a separation. An irrevocable beneficiary can't be changed without their consent; a revocable one can.
• Consider a will. In the Philippines, a notarial will is signed with witnesses and a notary; a holographic will is written, dated and signed entirely in your own handwriting. The law also reserves a share for compulsory heirs, so get legal advice.
• Know about estate tax. Heirs pay estate tax on the net estate, and it must be settled before property can be transferred. Check bir.gov.ph for current rates and deadlines.
• Without a will, heirs can divide the estate through an extrajudicial settlement if everyone agrees, which still takes paperwork and publication.
• If you're married, your property regime (usually absolute community of property) affects what is yours, what is shared and what passes to heirs.

Keep these in one folder and tell someone you trust where it is. This is general information, not legal advice. For wills and estate settlement, consult a lawyer.