It is of common knowledge that settling the estate of a deceased family member or relative judicially can be very costly and can take years. However, not all estates need to be settled judicially. Under Section 1 of Rule 74 of the Philippine Rules of Court, the extrajudicial settlement of an estate is possible as long as the following requisites are present: The decedent left no will; The decedent has no debts or his debts have been fully paid; The heirs are all of legal age