Although it is not pleasant to think about passing away, it is crucial to ensure that your affairs are in order and that you have your Last Will and Testament prepared in both your home country and in Thailand. It is imperative to think about your loved ones and to whom you’d like to distribute your estate.
International Business Consultants will help you prepare your Thai Will. The document will detail all of your assets in Thailand, including property, vehicles, personal items, investments and bank accounts.
Drafting a will in your home country can be challenging because the documentation will need to be translated, notarised and approved by a Thai government body.
Upon the death of a foreigner in Thailand, a government official will ask the family or the deceased’s lawyer for the Thai Will.
If you have not made a Thai Will, then assets are distributed following the Civil and Commercial Code section 1629. After half of the estate is allocated to the spouse, distribution, in order of priority, is as follows:
-
Descendants
-
Parents
-
Brothers and sisters of full-blood
-
Brothers and sisters of half-blood
-
Grandfathers and grandmothers
-
Aunts and uncles
If there are no living relatives and no Thai Will, the estate will devolve to the State.
International Business Consultants recommend that you seek advice and urge you to make a Thai Will to ensure that your remaining family are cared for and not embroiled in complicated legal mechanisms.
Property and your Thai Will
For those of you who own property under a leasehold agreement, the lease is a personal right. It is not attached to the property and terminated when the lessee dies. However, a renewable long term lease and advance rental payment allow you to transfer your right of the lease to your heir. You will need to stipulate your exact intention.
Property laws are very involved in Thailand, and the entire process can be complicated and costly if you do not seek the proper advice and have precautions in place. It is essential to secure investments and to minimise any risks. Always seek expert advice from a trusted professional who will understand your needs and best interests.
International Business Consultants has highly regarded Thai and foreign lawyers and solicitors who can guide you through the complex process of creating your Thai Last Will and Testament.
