As much as you do not want to be thinking about your death, it is strongly recommended for foreigners in Thailand to draft a Thai Last Will and Testament for their assets in the Kingdom. The last thing that you […]
As much as you do not want to be thinking about your death, it is strongly recommended for foreigners in Thailand to draft a Thai Last Will and Testament for their assets in the Kingdom. The last thing that you want is to cause additional stress to your family during the period of mourning.
Thai Last Will and Testament
The Last Will in Thailand will detail all your assets in the Kingdom, including properties and bank accounts, vehicles and even personal items. Once a foreigner dies in Thailand, the government officer immediately asks for a copy of the Last Will from the family of the deceased. This or from the person’s lawyer. However, it would be quite complicated to draft a Thai Last Will in your home country for your assets in Thailand. This and it is recommended to have a separate Will for your assets in the Kingdom.
Failure to draft a Thai Last Will would result to the assets to be distributed. This in accordance with the classes of relations stated under Thai Law. This which is in order of priority: Descendants, Parents, Brothers and Sisters in full blood, Brothers and Sisters in half blood, Grandfathers and Grandmothers, Uncles and Aunts. The living spouse will get half of the estate, if deceased is legally married. The rest of the assets will be distributed accordingly. This and if there is no known relative and no Thai Last Will, the assets will devolve to the State.
It is highly recommended to draft a Thai Last Will to secure all your properties and assets in Thailand. Those who own land under a company on a freehold basis. The property in Thailand will be passed in the form of shares when you die – and will not be simply turned over to your heirs. Your heirs will receive shares of your company. This instead of the actual property itself, which involves complications in the legal aspect. This is where the drafting of a Thai Last Will becomes an advantage.
There are various complications that could happen to your assets when you are not aware of the legalities in Thailand. The whole process can become quite costly. It is very important in property acquisition to minimize the risks and secure the client’s investment. Also, it is necessary when purchasing property outside your jurisdiction where there are communication issues. A valid Thai Last Will eliminates all these risks, and it is always the best move to seek professional advice. This from someone who looks out for your interest as their priority.