Last will And Testament In Thailand
If you are not a native of Thailand it makes sense to make a Last Will and Testament in both your home country and in Thailand, so that in the unfortunate event of your passing, the future disposal of all of your assets in Thailand, including property, vehicles, bank accounts, personal items, insurance policies and so on, will take place exactly in accordance with your wishes, which will save your family from additional, needless stress.
We will be happy to help you with drawing up your Will to your complete satisfaction and peace of mind.
Your Thai will
In a Thai Will, half of the estate will pass to the spouse, if one exists, and the remaining assets must be distributed in accordance with the classes of relations in order of priority:
- Descendants (children, grandchildren)
- Full siblings
- Half siblings
- Grandfathers and grandmothers
- Uncles and aunts
If there are no living relatives and no Thai will, the estate will automatically devolve on to the State. If, as a foreigner, you own land under a company on a freehold basis, upon your demise the property would not simply be passed on to your heirs. Instead, it would be passed on in the form of shares which can involve complex legal procedures. Nonetheless, you should arrange for the drafting of a Thai Will.
Leasehold and Your Thai Will
If you have a lease on a property, it will terminate in the event of your death unless you have a long-term lease, with a succession clause in the lease contract. This will ensure that your heir gets the right to the property under lease, and your Thai Will would state the intention to pass on that right to your heir.
The whole process can become quite a complicated one and at times, very expensive if specific precautions are not taken early on. With any property acquisition, the minimization of risk and the security of your investment is of great importance, so get your Thai will drawn up as soon as possible to avoid any problems in the future.
This is even more important when you purchase properties outside of your own jurisdiction where communication can also serve as a severe impediment to your objectives. A valid Thai Will eliminates much of the risk involved with this procedure.Tags : Experts in Estate, last will and testament thailand, Thai Last Will and Testament,