If a person dies without a will, Thai inheritance law dictates how their assets are distributed. A valid will must identify the individual making it (the testator) and must be dated and signed in the presence of witnesses.
It should also include a statement that it revokes any prior will and codicils. The will must also designate an executor responsible for collecting and managing the estate, paying debts and taxes, and distributing the property to the beneficiaries.
Protects Your Assets
Making a will in Thailand is a vital step for both Thai citizens and foreigners with assets in the Land of Smiles. It ensures that your wishes are honored, simplifies the process of distributing your assets, and spares your loved ones from complications in an already stressful time.
In the absence of a Will, statutory inheritance law will apply. Under this law, property is inherited by the following order: descendants; parents; full-blooded brothers and sisters; half-blooded siblings; grandparents; uncles and aunts.
A foreigner can draft a will in the Land of Smiles which will cover his or her assets in Thailand including property investments. This will also facilitate the devolution of your assets to your heirs. Alternatively, you can make a Living Will that outlines your end of life wishes and names a Health Care Representative to act on your behalf.
Avoids Probate
If a person dies without a Thai will (death intestate) the estate is passed over to the courts. The law stipulates that a deceased’s property is divided amongst the following statutory heirs: surviving spouse; children; parents; brothers and sisters of full blood; and uncles and aunties.
The heirs must then fight over the inheritance in court which can be time-consuming and expensive. A will can eliminate the need for a lengthy legal battle and save family members unnecessary stress and expense.
Banchee Legal House can prepare a legal Thai will for foreigners with assets situated in Thailand and assist the testator to identify their “Legal Heirs” and specify how they want their assets to be distributed upon death. We can also help with the preparation of a living will and appointment of health care representative for a testator with terminal illness.
Avoids Disputes
A will allows you to name an executor who has powers to gather and manage the deceased person’s assets, pay debts and taxes and distribute property according to the instructions in the Will. A well-drafted will also revokes any previous wills and codicils.
Without a will, Thai law determines who gets your estate. Your spouse qualifies as a statutory heir and so do your children, parents, brothers and sisters, half-brothers and half-sisters, grandparents and aunts and uncles in a specific order outlined by the law.
If you have a Thai will and succession in place, this can prevent disputes among your loved ones and avoid legal costs. A good lawyer can help you draft a will that is valid in Thailand to protect your interests and ensure the distribution of your property is as you wish it to be.
Minimizes Taxes
A legal will in Thailand is an important document that helps ensure your assets are distributed according to your wishes. It also facilitates a speedier and less complicated probate procedure. To make a will, you’ll need to provide a detailed list of local and overseas assets. You should also specify how you wish to allocate these assets to your beneficiaries.
Estate planning involves a lawyer and client determining the best way to structure their assets in a manner that complies with Thai law. This can include the establishment of various legal structures, such as trusts. It’s important to have your Thai will drafted by a qualified lawyer so that it is valid. A faulty will can lead to legal disputes that can cost your descendants a great deal of time and money.
Saves Family Members from Expensive Legal Fees
Leaving behind a properly drafted will ensures that your family members are protected after your death. This is especially important if you have overseas assets and property in Thailand.
If you die intestate (without a Will) in Thailand, the law will determine who receives your property. Surviving spouses qualify as statutory heirs and are followed in order of priority by children, parents, brothers and sisters, half-brothers and half-sisters, grandparents, and aunts and uncles.
A Will gives you the power to choose your heirs and clearly outlines your last wishes which can avoid family disputes and makes settlement of your succession much easier. You can make a will yourself or hire a lawyer to help you. It’s always best to work with a professional so that your Will is valid in Thailand.
