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Siblings co-own property of their dead parents...

Siblings co-own property of their dead parents
"What are the rights of the children in the conjugal property of their parents who are now deceased? AnidemDear Anidem, The property left by the parents shall be owned by their children as co-owners (Article 1078, New Civil Code) because the said properties are part of their legitime. The children shall have a right to claim their respective legitime in the property left by their parents as compulsory heirs. Legitime, according to Article 886 of the New Civil Code, is the part of testator’s property which cannot be dispose of because the law has reserved it for certain heirs who are, therefore, called compulsory heirs.Before partition, the children are co-owners of the inheritance. As co-owners, the children cannot dispose the whole property without securing the consent of all of the heirs. But there is no prohibition if an heir wishes to sell his or her share in the inheritance. This rule is in accordance with Article 493 of the New Civil Code, which provides that “each co-owner shall have the full ownership of his part and of the fruits and benefits pertaining thereto, and he may therefore alienate, assign or mortgage it, even substitute another person in its enjoyment, except when personal rights are involved. But the effect of the alienation or the mortgage shall be limited to the portion which may be allotted to him in the division upon the termination of the co-ownership.” However, each one of them may demand anytime the partition of the inheritance (Article 494, New Civil Code). Partition, in general, is the separation, division and assignment of a thing held in common among those to whom it may belong. The thing itself may be divided or its value (Article 1079, New Civil Code of the Philippines).The heirs may partition the estate according to their agreement and without intervention of the court by executing an extrajudicial settlement. In case of disagreement, they can file an action in court for partition as already mentioned above. But if the heirs cannot agree as to the manner of partition, either of them may file an action for partition in the Regional Trial Court of the city or province where either of the parents resided at the time of their death. In this case, the heirs or an heir who wishes to sell his share in the estate should secure the approval of the court as to this matter.We hope that we have answered your question.Editor’s note: Dear PAO is a daily column of the Public Attorney’s Office. Questions for Chief Acosta may be sent to dearpao@manilatimes.net or via text message (key in: Times dearpao and send to 2299)."
 

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"Siblings co-own property of their dead parents" was written by Mary under the Legal Advice category. It has been read 248 times and generated 0 comments. The article was created on and updated on 15 September 2021.
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