Before we begin in defining what EJS is, we need to understand what an “”Estate”” is, and what it means to your family. An estate, in layman’s terms, is the aggregate assets left behind by the deceased. This can include real properties such as condominium title, land title, real properties such as car or motor vehicle, shares of stock, jewelries, paintings, etc.
In dividing the estate of the decedent between the heirs, a question that one may ask is, “Do I need to go to court to settle this?” To answer your query, there is a way provided by law wherein one does not need to go to court to settle the division of the estate. In an Extra Judicial Settlement (EJS), a settlement or division of estate can be made without the need to go to the court. According to Section 1, Rule 74 of the Rules of Court, the law provides that an extrajudicial settlement may be validly executed, as long as all the four conditions are present: 
- If the decedent left no will;
- If the decedent left no debts;
- If the heirs are all of age, or the minors are represented by their judicial or legal representatives duly authorized for the purpose; and
- The estate is divided by means of a notarized public instrument filed in the office of the Register of Deeds.
What are the necessary steps I should keep in mind in an Extra Judicial Settlement (EJS)?
In executing an Extra Judicial Settlement (EJS), the consent of all the heirs are needed. You must also have the EJS document notarized. After getting your EJS notarization, it is necessary to process the electronic Certificate Authorizing Registration (eCAR) in the Philippines with the Bureau of Internal Revenue (BIR) and to thereafter pay the transfer taxes. After which, you may then proceed to the Registry of Deeds to have the current condominium title or land title transferred under the name of the heirs. Further, if there are shares of stock, particularly not-traded in the the Philippine stock exchange, left behind by the deceased the heirs must also secure an eCAR to properly transfer the said shares of stock to the heirs.
At FILEDOCSPHIL, we have reliable lawyers who can assist you in making your Extra Judicial Settlement Agreements. As a title transfer provider, we can assist you in the title transfer. We can also assist you in the transfer of shares. To learn more about the services that are being offered at FILEDOCSPHIL, CLICK HERE for a free quote.