Estate Planning and Real Estate Service

Recently, I heard a Real Estate Brokers' Seminar about Estate Planning. It covers various interesting topics such as : 1) objective of estate planning, 2) inheritance vs succession, 3) property relation between husband and wife, 4) legal aspects of estate planning, 5) types of dispositions, 6) kinds of heirs, 7) legitimate / illegitimate, 8) adopted children, 9) conjugal property, 10) decedent's estate - partition, 11) donation, 12) kinds of will, 13) kinds of trust, 14) estate taxes, 15) judicial expenses, 16) intestate proceedings, 17) extra judicial settlement.

I highly recommend Estate Planning Seminar, but with hesitation.

Lawyers and Real Estate Brokers are now "equals" in terms of profession. There are many part of our job as brokers that we do not want lawyers to encroach such as acting as agent for a real estate deal with stipulation of commission of professional fees. On the other side, there are also part of the lawyers' job that we do not want to encroach.

In the U.S., Estate Planning is never mentioned as a part of the (Work Description of Real Estate Agent, Broker, and Appraiser According to U.S. Standards).

RESA says: Real Estate Broker – a duly registered and licensed natural person who, for a professional fee, commission or other valuable consideration acts as an agent of a party in a real estate transaction to offer, advertise, solicit , list, promote, mediate, negotiate or effect the meeting of the minds on the sale, purchase, exchange, mortgage, lease or joint venture, or other similar transactions on real estate or any interest therein;

We, brokers, have complete jurisdiction over real estate "trade". Our yearning to gain knowledge about all aspect of Real Estate legalities is a great thing. But practicing the profession for a fee as Estate Planner is a gray area that appears to be a delineation of our mandate. Yes it is to our advantage to learn what lawyers know about these things, but I hope we will not start rendering advisory services to clients in a way that we act as pseudo-lawyers.

Let us focus on making money in the "trade" of real estate. Anything else outside the "trade" are professional jurisdiction of the members of the Integrated Bar of the Philippines. What I mean is, we brokers will master the meeting of the minds of clients in sale, lease, mortgage, exchange and joint venture of real estate. But when it comes to donation, succession, inheritance, intestate proceedings, extrajudicial settlements -- I think it is just "professionally ethical" to refer these advisory workload to our professional counterparts -- the LAWYERS.

If there is anything else important that I forgot to include in this article, please email me.

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