How to Check for Assets of a Deceased Person in the Philippines: Estate Search Guide

Introduction

In the Philippines, the death of a loved one often triggers a complex process of settling their estate, which includes identifying, valuing, and distributing their assets. This is crucial for heirs, executors, or administrators to ensure compliance with inheritance laws, pay any outstanding debts or taxes, and avoid disputes among family members. The process is governed primarily by the Civil Code of the Philippines (Republic Act No. 386), the Family Code, the National Internal Revenue Code (NIRC), and various administrative rules from government agencies.

Checking for assets involves a systematic search across public records, financial institutions, and personal documents. It can be done through extrajudicial settlement (if all heirs agree and there are no debts) or judicial settlement via probate court. Failure to thoroughly search for assets may lead to incomplete estate tax filings with the Bureau of Internal Revenue (BIR), potential penalties, or even forfeiture of unclaimed properties. This guide provides a comprehensive overview of the steps, legal requirements, and practical considerations in the Philippine context.

Legal Framework for Estate Settlement

Understanding the legal basis is essential before initiating an asset search:

Civil Code Provisions: Articles 774–1105 outline succession, including testate (with a will) and intestate (without a will) inheritance. Assets form part of the gross estate, which includes all properties owned by the decedent at the time of death.
Family Code (Executive Order No. 209): Governs legitimate and illegitimate heirs' rights, emphasizing compulsory heirs (e.g., spouse, children) who cannot be disinherited without cause.
National Internal Revenue Code (Republic Act No. 8424, as amended): Requires filing an estate tax return within one year from death if the gross estate exceeds PHP 5 million (as of recent amendments under TRAIN Law and CREATE Act). Assets must be declared to compute taxes at 6% on the net estate.
Probate Proceedings: Under Rule 74 of the Rules of Court, estates can be settled extrajudicially via a deed of extrajudicial settlement (published in a newspaper for three weeks). For testate estates, the will must be probated in court (Regional Trial Court with jurisdiction over the decedent's residence).
Anti-Money Laundering Act (Republic Act No. 9160, as amended): May apply if assets involve suspicious transactions, requiring due diligence.
Data Privacy Act (Republic Act No. 10173): Limits access to personal information; heirs must prove their relationship to access records.

Key Principle: The estate is considered a separate taxable entity until distribution. Heirs are personally liable for estate taxes if not paid from the estate.

Preliminary Steps Before Asset Search

Before diving into specific searches, prepare the following:

Obtain Death Certificate: Issued by the Philippine Statistics Authority (PSA) or local civil registrar. This is required for all inquiries.
Secure Proof of Relationship: Birth certificates, marriage certificates, or affidavits to establish heirship.
Locate Will (if any): Check personal belongings, safety deposit boxes, or with the notary public who executed it.
Appoint an Executor/Administrator: Via court petition if judicial settlement is needed.
Inventory Personal Documents: Review bank statements, titles, insurance policies, and tax returns for clues.

Comprehensive Methods to Check for Assets

Assets typically include real property, bank accounts, investments, vehicles, intellectual property, and personal belongings. Below is a step-by-step guide to searching each category.

1. Real Property (Land, Buildings, Condominiums)

Real estate is often the largest asset. Search via:

Registry of Deeds (RD): Under the Land Registration Authority (LRA). Request a certified true copy of titles using the decedent's name. Fees apply (around PHP 100–500 per document). If properties are in multiple provinces, check each RD office.
Assessor's Office: Local government units (LGUs) maintain real property tax (RPT) records. Obtain a tax declaration to confirm ownership and assessed value.
Bureau of Lands or DENR: For public lands or forestry rights.
Housing and Land Use Regulatory Board (HLURB): For subdivision or condominium titles.

Tip: Use the decedent's Tax Identification Number (TIN) or full name. If titles are under a corporation, check corporate records.

2. Bank Accounts and Financial Assets

Banks and Financial Institutions: Inquire at major banks (e.g., BDO, BPI, Metrobank) with death certificate and proof of heirship. Banks may require a court order for dormant accounts. Under Republic Act No. 1405 (Bank Secrecy Law), disclosure is allowed for estate settlement.
Philippine Deposit Insurance Corporation (PDIC): Covers up to PHP 500,000 per depositor. Check for insured deposits.
Investment Accounts: Contact brokers like COL Financial or Philstocks for stocks; Bangko Sentral ng Pilipinas (BSP) for foreign currency deposits.
Safety Deposit Boxes: Banks will inventory contents in the presence of heirs and BIR representatives.

3. Securities and Corporate Interests

Philippine Stock Exchange (PSE) and Securities and Exchange Commission (SEC): Search for shares via the decedent's name or TIN. Request stock certificates or ledger entries. For corporations where the decedent was a stockholder, obtain articles of incorporation and stock transfer books.
Mutual Funds/UITFs: Inquire with fund managers (e.g., BPI Asset Management).

4. Vehicles and Movable Assets

Land Transportation Office (LTO): Search vehicle registration records using plate numbers or engine/chassis numbers.
Maritime Industry Authority (MARINA): For boats or ships.
Civil Aviation Authority of the Philippines (CAAP): For aircraft.
Personal Property: Jewelry, art, or furniture may require appraisal by experts; check pawnshop records if applicable.

5. Insurance Policies and Benefits

Insurance Companies: Contact providers like Philam Life or Sun Life for life insurance payouts. Policies often name beneficiaries directly.
Social Security System (SSS): For private sector employees; check death benefits and pensions.
Government Service Insurance System (GSIS): For public sector; similar to SSS.
PhilHealth: For medical claims or refunds.
Pag-IBIG Fund: For housing loans, savings, or provident benefits.

6. Intellectual Property and Digital Assets

Intellectual Property Office of the Philippines (IPOPHL): Search patents, trademarks, or copyrights under the decedent's name.
Digital Assets: Email accounts, cryptocurrencies, or social media. Access may require court orders due to privacy laws. For crypto, check wallets via blockchain explorers (e.g., if held on platforms like Coins.ph).

7. Debts and Liabilities (To Offset Assets)

While searching assets, identify liabilities:

BIR: Check for unpaid taxes via estate tax audit.
Creditors: Banks for loans; courts for pending cases.
Court Records: Search Regional Trial Courts for any liens or judgments.

8. Unclaimed Assets and Escheat

Unclaimed Balances: Under Republic Act No. 3936, banks report dormant accounts to the Treasurer of the Philippines after 10 years.
Escheat Proceedings: If no heirs claim the estate within 30 years, it reverts to the state (Civil Code Art. 1011). Check with the Office of the Solicitor General.

Potential Challenges and Solutions

Hidden Assets: Decedents may have undisclosed properties. Hire private investigators or forensic accountants.
Disputes Among Heirs: Resolve via mediation or court (partition action under Rule 69 of Rules of Court).
Foreign Assets: If abroad, comply with international laws (e.g., Hague Convention on Estates). Report to BIR for tax purposes.
Time Limits: Estate tax must be filed within one year; extensions possible with penalties.
Costs: Expect fees for certifications (PHP 50–1,000 per document), legal fees (5–10% of estate value), and appraisals.

Role of Professionals

Engage:

Lawyers: Specializing in estate planning to handle probate.
Accountants: For valuation and tax computation.
Notaries: For affidavits and settlements.
Appraisers: Accredited by BSP or SEC for fair market values.

Conclusion

Thoroughly checking for assets ensures equitable distribution and legal compliance in the Philippines. Start with basic documents and systematically query relevant agencies. While extrajudicial settlement is faster for simple estates, complex ones require court intervention. Always consult professionals to navigate nuances, as laws may evolve (e.g., recent tax reforms). Proper estate planning during life, like wills and trusts, can simplify this process for heirs.