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Money Matters

What Are The Fees When You Transfer Property Titles And Assets?

Know the fees that need to be paid when doing your estate planning

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Photography: Pexels

A successful estate plan allows you to properly manage and more efficiently distribute assets and income during your lifetime while, at the same time, relieving your heirs of the burden of settling your estate. Doing so, however, will cost you time and some money, but both are worthwhile and necessary.

Atty. Raul G. Gerodias of the Gerodias Suchianco Estrella Law Firm outlines the general costs and charges that must be considered before implementing one's estate plan:

Standard taxes and fees

Taxes payable to the national government (collected through the Bureau of Internal Revenue) and to local government units, and fees payable to concerned government agencies (like the Registry of Deeds).

Professional fees

These are the fees payable to an estate-planning consultant (e.g. lawyer, accountant).

Other fees and charges

These may include expenses payable to persons other than the State or the government, such as premiums for insurance, bank charges, and such. 

This snippet appeared in the article "Starter Guide To Estate Planning" in the May 2015 issue of Good Housekeeping Magazine Philippines

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