The topics below may be relevant to your daily activities, especially those which involve business law, labor law, and other legal areas of your business.
Business Law and Labor Law Updates
NOTARIAL WILL VS. HOLOGRAPHIC WILL (Part II)
The first kind of Will which is referred to as Notarial Will has already been discussed in a previous article and was published in this same platform (please click here to access the said article). As a continuation of the said article, allow us to briefly discuss the second kind of will which is called “Holographic Will”. For recollection, Wills, notarial or holographic, must be in writing and executed in a language or dialect known to the testator. What now differentiates holographic from that of a notarial will?
Without Ante- Nuptial Agreement, What Property Regime Will Govern the Assets of Future Spouses?
In the absence of a marriage settlement providing for another kind of matrimonial property regime, the spouses shall be governed by the absolute community regime. This shall commence at the precise moment that the marriage is celebrated.
In absolute community of property, the provisions on co-ownership shall apply. This means that the share of the spouses, in the benefits as well as in the charges, shall be proportional to their respective interests and the portions belonging to the spouses in the co-ownership shall be presumed equal.
NOTARIAL WILL vs. HOLOGRAPHIC WILL (Part I)
Under the New Civil Code (NCC) of the Philippines, there are two (2) kinds of Wills. The first one is referred to as Notarial Will. The second refers to a Holographic Will. Both wills must be in writing, and executed in a language or dialect known to the testator. In a previous article entitled, “What is a Will?” (please click here to access the article), it was discussed that testator refers to a person who has executed a will and who has a say and control on how he or she would dispose his or her estate. Notarial will and holographic will have practically the same effect which is the disposition of property to take effect after the death of the testator.
Distribution of Assets in Nonstock Corporation Undergoing the Process of Dissolution
A nonstock corporation is one where no part of its income is distributable as dividends to its members, trustees, or officers and any profit which it may obtain incidental to its operations shall be used for the furtherance of its purpose.
In case of dissolution, a nonstock corporation may be dissolved either voluntarily or involuntarily and their assets shall be distributed.
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