A legal plan drafted by a lawyer that complies with Thailand’s inheritance law is the best way to ensure your wishes are respected after death. This can avoid family disputes and make it easier for descendants to settle the estate.
Without a Thai Will, a deceased’s property and assets will be allocated to their statutory heirs under the laws of intestacy. This could mean that your wishes are not fully honoured.
Drafting a Will
It is never pleasant to think of one’s demise but it is important for expats who have substantial assets in Thailand to draft a will so that their wishes are respected in the event of death. If a person dies without a valid will their estate may be distributed according to Thai law by statutory heirs which may not reflect their wishes.
A will must be written in the testator’s hand and signed by him/her in the presence of two witnesses. The will should also contain a statement of the testator’s intention. The will must be dated and include the testator’s signature and identification (passport or ID card).
There are several types of wills recognized under Thai law. A holograph will is handwritten by the testator; a public will is made before a district official and witnesses; a secret will is sealed and presented to a district official with witnesses; and a verbal will is only allowed in certain exceptional circumstances, such as imminent danger of death.
A will should also contain a list of assets, the value of those assets plus life insurance proceeds, and a list of heirs with their names, addresses, relationships and other relevant information. A power of attorney should be included for the executor if necessary. It is advisable to draft the will in both Thai and English as this makes it easier for the legal proceedings.
Making a Living Will
A living will in Thailand is a legal document that allows you to express your preferences for end-of-life care. It should include a statement of your values and beliefs regarding life-prolonging procedures, as well as a list of your healthcare wishes. It should also mention any cultural or religious considerations that may influence your medical choices.
Having a living will in Thailand can help reduce the burden on your family in case you are incapacitated by illness or accident. It also allows you to select a health care representative who can advocate for your best interests. This will ensure that your preferences are followed and that you receive the medical treatment you want. It is also important to update your living will on a regular basis. This will ensure that your personal and healthcare decisions are up to date with current Thai law.
A living will in Thailand should be drafted by an experienced lawyer. It should be dated and signed by the testator and two witnesses. The witnesses should not be beneficiaries or related to the testator. The witnesses should also provide proof of identity and a copy of their passport or ID card. In addition, the will must be deposited with a bank. It is also recommended that a trust account be opened to avoid inheritance tax.
Inheritance
If a person dies in Thailand and does not make a will, their assets are divided according to the stipulations of their Thai law on intestate succession. This process may not align with the laws of their home country or the wishes of family members.
For foreigners, this can lead to lengthy legal proceedings and delays in distributing their estate. A proper will allows the testator to choose their legal heirs and clearly outline their desires. For those with property in both their home country and Thailand, a legal plan drafted by an attorney can help prevent costly challenges after their death.
A probate process involves verifying a will, identifying and valuing the estate’s assets, paying debts, and distributing the remaining assets to heirs. It also gives the court a chance to review any objections and supervise the executor’s administration of the estate.
Inheritance laws in Thailand are complex, and many issues can arise. A knowledgeable lawyer can provide advice and guidance for a client’s estate planning, including the establishment of legal structures such as trusts, joint tenancies, and share transfer agreements. An attorney can also ensure that a will complies with the law of Thailand and minimizes tax obligations. A no-contest clause paired with at least some nominal gift can discourage children from challenging a will in court.
Executing a Will
As a foreigner with substantial assets in Thailand, it is important to draft a Thai will to ensure that your wishes are followed after death. Otherwise, a court will decide how your estate will be allocated and this may not reflect your wishes or the laws of your home country. A lawyer can help you make a legally valid Thai will.
The process of executing a will in Thailand is regulated by the Civil and Commercial Code. This law stipulates the requirements for the making, execution, revocation, and interpretation of a will. It also establishes the rights and obligations of heirs and beneficiaries and the role of executors.
A will must be in writing and dated at the time of its making. It must be signed by the testator in front of at least two witnesses who sign their names to certify that the signature is genuine. A will made by a minor or an insane person is void.
It is advisable for expats to draft their will with the assistance of a legal professional in order to avoid pitfalls and ensure compliance with Thai inheritance law. A lawyer can also provide a range of services related to the management of assets, such as asset transfers and trusts. A lawyer can also advise on the best way to hold and protect your assets in Thailand.