A will is a document that stipulates your wishes for the distribution of your assets upon death. It is important for both foreign nationals with assets in Thailand and Thai citizens with international assets to create a legal will that complies with Thai law.
A will can specify heirs for local assets including property and bank accounts as well as shares in a Thai company. A lawyer can help you structure your assets in accordance with Thai laws and international tax requirements.
Drafting a will is the first step in ensuring your estate affairs are in order and that your wishes will be respected after your death. A will gives you the freedom to distribute your property according to your wishes within certain boundaries imposed by Thai law.
It is important that a will is drafted by a legal professional in order to ensure the process is followed correctly. There are also several formalities that must be complied with including the presence of two witnesses and the signing of the document in the presence of those witnesses. Having your will notarized and registered at the local Amphur is also advisable.
Depending on your circumstances it is possible to make a verbal will but only in exceptional cases such as when you are in imminent danger of dying. In this case the testator would close the document, sign it and hand it over to the Amphur official who will then seal it.
If you die without a will then section 1629 of the Thai Civil and Commercial Code will apply. This means that your spouse will inherit half of the community property and the remainder will be divided amongst your children or statutory heirs which could include your parents or siblings. This can cause considerable confusion and stress for the beneficiaries and is not ideal.
A well-drafted Will allows you to name heirs and structure the distribution of your assets according to your wishes. It also helps to prevent family disputes and ensures that your estate is properly managed and settled. A Thai lawyer can help you draft a Will that complies with the law and meets your needs.
There are several types of wills in Thailand, and a lawyer should be consulted to help you decide which type is best for your situation. The most common type of will is a public will, which is written and signed by the testator. It is then sealed in an envelope and declared before a district officer and two witnesses. This is considered the safest type of will because it is registered and can be accessed by family members after death.
Another option is a secret will, which is also written and signed by the testator, but not sealed. It is then placed in an envelope and given to a trusted executor, who will keep it in a safe place until needed. This type of will is less secure, but it can be a good choice for high-value estates or if the testator does not trust others with access to their information.
If a person dies without a will, his or her assets are distributed according to specific laws in Thailand. These include six classes of statutory heirs, with each class ranking higher than the previous one. The first-class heirs are descendants; the surviving spouse is entitled to half of the estate; and the remaining relatives are parents; full-blood siblings (brothers and sisters); grandparents; and uncles and aunties.
It is important that you choose your heirs in the process of making your Thai will. This will ensure that your wishes are respected soon after your death and avoid unnecessary complications. You should consult with legal experts to ensure that your will is clear, compliant with Thai inheritance laws, and reflects your wishes. If you have foreign assets in Thailand, it is advisable to make separate wills for each property and consider usufruct ownership.
When a person dies without a will, his property is distributed among his statutory heirs. These include his legal spouse; descendants; parents; brothers and sisters, including half-brothers and half-sisters; aunts and uncles; grandparents; and other relatives. A will allows the testator to specify his heirs and also outline specific wishes for his property after his death.
The drafting of a Thai will is a crucial step for anyone who owns real estate in Thailand or has shares in companies in Thailand. It can save your family the time, trouble and expense of going through court probate proceedings in order to transfer assets. This is particularly true for foreigners, who can face complex challenges in inheriting assets from their Thai relatives due to differences in law and cultural practices. Working with a law firm that specializes in estate planning can help you avoid these problems and make sure that your assets are properly transferred to the right people.
It’s important to choose a trustee with the right expertise and experience. They should be able to objectively carry out your wishes and keep the trust’s assets safe and secure. They should also be able to communicate effectively with beneficiaries and ensure that the distribution process is expedited. A trust can be managed by a friend or family member, or by a professional corporation.
When a person dies in Thailand without a will, the state decides who inherits his or her property, based on inheritance law. Heirs are classified into six classes: descendants; parents; brothers and sisters of full blood (including half-brothers and half-sisters); grandparents; and uncles and aunties. If the deceased is married, his or her spouse inherits 2/3 of the estate.
Having a Thai Will makes it easier for your family to settle your estate and can save you money in legal fees and taxes. It also provides greater peace of mind knowing that your family’s future is secure.
While a lot of people are hesitant to make a will, this is an inescapable part of life and should be considered carefully. It is recommended to consult a lawyer to draft a will that meets all the requirements for legal validity. A lawyer will be able to help you avoid any legal complications that may arise in the future.