Business Circuit

“Labor is the superior of capital and deserves much the higher consideration.” - Abraham Lincolhn, US persident
 

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The will of the late Doña Consuelo Madrigal Collantes, who probably had the best business mind among the children of Don Vicente Madrigal, was read before her family on April 7.

There were surprises and disappointments on the part of her nephews and nieces who, by law, may not be considered direct heirs.

The only heir by operation of law is Gustav Warns, son of Vicente M. Warns and Angeles P. Warns. Vicente, known to family and friends as Bo, is the son of Pacita Madrigal Gonzalez with her first husband, a German named Warns.

As the will states, Gustav Warns is to get 40 percent of "my residuary estate, the value and composition of which shall be determined by my executor/trustee."

Chito Madrigal, a close friend of ours who flew to our modest home in Lipa City at least twice before she died, wanted to make sure that Gustav makes his inheritance grow.

Thus, she states, "the above-said 40 percent portion of my residuary estate to be given to Gustav, I give, devise and bequeath to his parents Vicente M. Warns and Maria Angeles P. Warns, in trust, nevertheless, to hold, manage, invest and reinvest the same, to collect and receive the income there from and to pay or apply to or for the benefit of Gustav…"

Residuary estate normally refers to portions of the state not disposed of by the will.

Gustav, adopted son

Gustav was adopted by spouses Manuel Collantes and Consuelo Madrigal when he was a young boy. The last will and testament provides "it is my wish that Gustav shall not acquire title to the share allocated to him until he reaches the age 35 years."

"Thus the share of Gustav on which I have constituted a trust shall be administered by his parents…until Gustav reaches the age of 35 at which time, and only such time, shall the principal of the trust together with all the income will be given to him."

Should Gustav die before he turns 35 years old, his inheritance, entrusted to his parents shall be transferred, together with all the incomes, to the Consuelo "Chito" Madrigal Foundation. Gustav is barely in his 20’s.

Chito Madrigal stated in the will that "it is my wish that any person who is not related to me by consanguinity within the second civil degree, except as herein provided, shall not, in any manner, inherit or acquire ownership of any property that come from my estate."

That leaves out quite a number of nephews and nieces, one of whom is said to have sent a letter of demand to the estate. She might go to court to contest the will.

Susana A. S. Madrigal, daughter of Chito’s brother, Antonio and married to Mandy Eduque and better known as Chu Chu, gets 40 percent of Chito’s residuary estate, the value and composition of which shall be determined by the executor-trustee.

Gisela "Ging" M. Gonzalez-Montinola, daughter of Pacita Madrigal with her late husband Gonzalo Gonzales, gets the balance of 20 percent of the residuary estate.

Ging is married to Gigi Montinola, president of the Bank of the Philippine Islands. Ging is the only heir or beneficiary whose spouse is identified.

The balance of the assets were distributed to several nephews and nieces. The housemaids and drivers were also given reasonably substantial amounts of money and real estate.

Chito Madrigal was formerly married to Chichos Vasquez, a medical doctor and brother of Dr. Daniel Vasquez who is married to younger sister Luisa Madrigal, the youngest child of spouses Vicente Madrigal and Susana Paterno.

She married Manuel Collantes of Tanauan, Batangas in the sixties when he was in the Department of Foreign Affairs.

They have since stayed in Chito’s home in 77 Cambridge Circle, Forbes Park, Makati City.

They were childless.

Her last will and testament said "I give and bequeath to my husband, Manuel G. Collantes, the house and lot located at 118 Avocado St., Ayala Alabang, as well as the house and lot located at 34 Banaba St. corner Mahogany St. South Forbes Park."

Chito Madrigal Collantes died without a forced heir except an adopted son Gustav. Thus she was in law free to distribute her wealth to anybody she wanted to but limited it to the persons related to her by consanguinity in the second civil degree.

Vicente M. Warns, son of Pacita Madrigal, inherited two parcels of land, one in Sitio Parola, Bagong Silang, Calumbayan, Calatagan, Batangas, with an area of 13,765 sq. m…427 sq. m. described in the will as TCT No. R-85329 i/n/o Consuelo Madrigal Collantes.

Bo Warns inherited a few other properties including the 220 sq. m.., i/n/o Aquatic Food Center; other pieces of land in Calatagan, Batangas; one with a total area of 33,830 sq. m; one that has an area of 98,994.sq. m. and another with 1,006 sq. m.

It appears that Bo Warns got most, if not nearly all of the properties in Calatagan, Batangas where Chito and her husband Manoling Collantes also had a vacation home, but which they infrequently visited.