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What is an extrajudicial settlement?

It is a legal document wherein the heirs of the decedent agree to divide the properties left by the decedent among themselves.

 

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What are the important terms to know in an extrajudicial settlement?

 

Decedent – a person who passed away, and whose estate is the subject matter of transfer to the heirs.

 

Compulsory Heirs – individuals declared by law to be entitled to a portion of the estate.

 

Estate – the estate is the total assets left by the decedent, at the time of death.

 

Last Will or “Will” – It is a document that outlines an individual’s wishes regarding the distribution of their assets upon death.  

 

 

What is the purpose of an extrajudicial settlement?

The purpose of executing an extrajudicial settlement is to divide the estate of the decedent among the heirs without going through court proceedings.

 

The extrajudicial settlement is the main document required by the appropriate government agencies to transfer the properties to the heirs.

 

 

What are the contents of an extrajudicial settlement?

It contains a list of all the assets of the decedent, a list of the heirs, and an agreement by the heirs on how the assets will be distributed among them.

 

 

Who must sign the extrajudicial settlement?

All the heirs of the decedent should sign the extrajudicial settlement.

 

 

What will happen if one of the heirs of the decedent is also dead?

All the heirs of the deceased heir of the decedent should also sign the extrajudicial settlement.

 

 

What will happen if one of the heirs refuses to sign the extrajudicial settlement?

In such a case, the extrajudicial settlement shall have no effect.

 

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What is the remedy of the other heirs to divide the estate, if one or more of the heirs do not want to sign the extrajudicial settlement?

The heirs may file a petition for judicial partition of the estate before the court.

 

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What will happen if the decedent has a will?

If the decedent left will, the will should be probated by the court through probate proceeding, before the properties of the decedent could be transferred to the heirs.

 

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What is a probate proceeding?

It is a proceeding filed in court to determine if the will of the decedent was duly executed and complies with all formalities imposed by law. 

 

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Should an extrajudicial settlement be probated in court?

No. An extrajudicial settlement need not be probated in court.

 

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What will happen if there is only one heir?

If there is only one heir, the heir will execute an Affidavit of Self-Adjudication.

 

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What is an Affidavit of Self-Adjudication?

It is an affidavit executed by an heir of the decedent, in case the decedent has only one heir, wherein the sole heir declares that he or she is transferring the entire estate of the decedent to himself or herself.

 

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If you need assistance in transferring real property through an extrajudicial settlement, Barrister Realty can help you. You may contact Barrister Realty at:

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info@barristerrealtyph.com

(63) 954-997-3832.